企业年金的“生产率效应”  

The Productivity Effects of Corporate Pension

作　　者：于新亮[1] 程远[2,3] 胡秋阳[2] 

机构地区：[1]山东财经大学保险学院 [2]南开大学经济学院 [3]南开大学中国特色社会主义经济建设协同创新中心

出　　处：《中国工业经济》2017年第1期155-173,共19页China Industrial Economics

基　　金：国家社会科学基金重大项目“中国发展实体经济的战略、政策和制度研究”(批准号13&ZD018);教育部人文社会科学重点研究基地重大项目“中国社会发展与民生保障战略研究”(批准号13JJD840004)

摘　　要：企业年金的"生产率效应"研究对于深入认识企业年金的功能和作用,进而审视其在中国经济转型发展进程中的政策内涵具有较高的现实意义。本文首次以处于企业年金普及进程中的中国企业作为政策实验样本,利用2010—2013年上市企业年报数据,实证检验了企业年金是否具有"生产率效应",并通过建立中介效应模型检验其产生机制,同时结合相关机制考察了这一效应的长期持续性。结果表明,企业年金能够显著提升中国企业的生产率,这一效应通过提高员工素质、增加培训投入和有利于企业财务宽松等机制实现,但没有表现出通过提升高管经营绩效而发挥作用。此外,单一年度的企业年金可持续影响此后的企业生产率,具有"滞后效应",但会逐渐减弱,原因在于对于单一年度的企业年金而言,其各项作用机制是有时效性的。但是,如果多年连续提供年金计划,则其积极影响在各期的累加会令企业生产率的提高幅度不断加大,形成"叠加效应",这意味着连续地提供企业年金计划是充分利用其"生产率效应"的关键。本文提供了关于企业年金制度经济后果和生产率影响因素研究的新证据。The study on the productivity effects of corporate pension is of great practical significance to deeply understand the function and role of corporate pension and its policy implications in China＇s economic transformation and development process. Taking China＇s companies in the process of corporate pension popularization as policy experiment samples, and using annual report data of listed companies from 2010 to 2013, this paper examines whether corporate pension has productivity effects and their mechanisms, and whether they are long-term for the first time. The results show that corporate pension can obviously improve productivity of China＇s companies, which is achieved by improving staff quality, increasing training input, and maintaining financial slack, except enhancing executives＇ performance. Besides, establishing corporate pension for a single year can still improve productivity in the following years, which is called hysteresis effects, but the effects will decrease gradually because the mechanisms mentioned above have timeliness. However, if corporate pension is set up for several years, then the positive effects in the period will accumulate and increase continuously, which is called superposition effects, and this means that providing corporate pension continuously is the key to making full use of its productivity effects. This paper provides new evidence for the study on the economic consequences of corporate pension and the determinants of corporate productivity.

关 键 词：企业年金 企业生产率 中介效应 叠加效应 

分 类 号：F270[经济管理—企业管理]