Corporate Pension Plans
本文综述了固定收益型（DB）企业养老金计划的文献，分析企业如何应对养老金税收、监管和政府担保，并检验风险转移、风险管理等公司金融理论，同时探讨养老金负债的估值及其对资本成本和企业价值的影响。
This article reviews the rich and vast literature on defined-benefit (DB) corporate pension plans. The analysis of how firms react to the taxation and regulation of pension plans and to the guarantees provided by the government has allowed researchers to test alternative corporate finance theories, including risk-shifting and risk management. The difficulty in measuring the value of pension liabilities has motivated the study of whether such liabilities are reflected in the cost of capital and in the value of sponsoring firms. The study of the sponsoring firms’ reaction to mandatory pension contribution has provided evidence on financing constraints and on the free-cash-flow hypothesis. Pension plan terminations and freezes have shed light on the nature of the employment contract between the firm and workers.