The Accounting Review·Vol. 93, No. 1·November 2018,

股东冲突和现金流冲击:来自ERISA养老金规则变化的证据

作者：Michael J. Dambra (University at Buffalo, SUNY, USA)

摘要：在2012年，美国国会通过了21世纪《前进法案》(MAP-21)，这改变了《雇员退休收入保障法案》的养老金规定，导致强制性的养老金缴款减少。该法案的支持者认为减少强制性供款会增加公司的投资。然而，本文没有发现受益于MAP-21的公司的平均投资的增加。相反，本文发现企业要么在资产负债表将养老基金视为流动资产，要么向股东支付养老金。在一定程度上，管理人员针对MAP-21法案增加投资的公司主要集中在那些管理薄弱或内部控制无效的公司。

Stakeholder Conflicts and Cash Flow Shocks: Evidence from Changes in ERISA Pension Funding Rules

Michael J. Dambra (University at Buffalo, SUNY, USA)

ABSTRACT

In 2012, Congress passed Moving Ahead for Progress in the 21st Century (MAP-21), which changed the ERISA pension funding rules such that mandatory pension contributions decreased. Advocates for the bill argued that reducing mandatory contributions would increase firms' investment. In contrast, I do not find an average increase in investment among the firms benefiting from MAP-21. Rather, I find that firms either hold pension funding relief on their balance sheets as liquid assets or pay out pension funding relief to shareholders. To the extent that managers increase investment in response to MAP-21, it is concentrated in firms with weak governance or ineffective internal controls

原文链接：http://www.aaajournals.org/doi/abs/10.2308/accr-51817

翻译：阙江静