Corporate Pension Payment System under the Constraints of Cost of Capital: An Empirical Study

Table 8

Substitution variable regression test.

Re	The value of OJ model is used to replace the average value of the PEG model and CAPM model	The value of corporate pension divided by the total assets is used to replace the value of the logarithm corporate pension
CP	−0.0016^∗∗∗; (−3.28)	−1.6581^∗∗; (−2.10)
Lev	0.0298^∗∗∗; (4.50)	0.0382^∗∗∗; (6.64)
Size	0.0045^∗∗∗; (4.42)	0.0008; (1.05)
Beta	0.0001; (0.05)	−0.0026; (−0.95)
B/M	0.0006; (0.45)	0.0059^∗∗∗; (3.96)
AT	0.0047^∗; (1.94)	0.0022; (0.99)
Indu	Control	Control
Year	Control	Control
N	1788	2196
Adj-R^2	0.1977	0.2284

Note.^∗Significant at the 10% level. ^∗∗Significant at the 5% level. ^∗∗∗Significant at the 1% level.