Pension Funding Constraints and Corporate Expenditures*
研究了英国FTSE350公司养老金缴款对股利和投资政策的影响，发现养老金缴款与股利负相关，且2004年养老金法案加强了这种效应。
Abstract This paper examines the impact of a company's pension contributions (PCs) on its dividend and investment policies. The effects of shocks to cash flows on these corporate expenditures are identified by changes to pension funding regulations. Using a sample of DB pension schemes in FTSE350 UK‐listed firms we find a strong negative relation between PCs and corporate dividends even after controlling for the correlation between funding status and unobserved investment opportunities. We find that the more stringent funding requirements under the Pensions Act 2004 had a more pronounced effect on both dividend and investment sensitivities to PCs.