Corporate Pensions and the Maturity Structure of Debt
研究发现企业养老金负债越多，短期债务占比越高，且养老金增加债务成本，但短期债务能缓解这一效应，对研究企业融资决策的学者有参考价值。
Abstract In this article, we investigate the role of pension obligations, the most significant off‐balance‐sheet item, in determining corporate debt maturity and spreads. We begin by showing a significant and robust positive relationship between pension liabilities and corporate short‐term debt ratio. We also find that more pension obligations cause a significant increase in the cost of debt, but this effect is mitigated by short‐maturity debt. Overall, our study shows that short‐term debt can reduce asymmetric information costs related to pensions.