Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans
利用固定收益养老金计划的非线性融资规则，识别企业投资对内部资金的依赖，发现强制性缴款会减少资本支出，尤其在融资约束企业中更明显。
ABSTRACT I exploit sharply nonlinear funding rules for defined benefit pension plans in order to identify the dependence of corporate investment on internal financial resources in a large sample. Capital expenditures decline with mandatory contributions to DB pension plans, even when controlling for correlations between the pension funding status itself and the firm's unobserved investment opportunities. The effect is particularly evident among firms that face financing constraints based on observable variables such as credit ratings. Investment also displays strong negative correlations with the part of mandatory contributions resulting solely from unexpected asset market movements.