企业ESG表现促进了年金计划的实施吗?  

Can ESG Performance Promoted the Implementation of Annuity Plans?

作　　者：佟岩[1] 赵泽与 李鑫 TONG Yan;ZHAO Ze-yu;LI Xin

机构地区：[1]北京理工大学管理与经济学院

出　　处：《科学决策》2023年第9期1-22,共22页Scientific Decision Making

基　　金：国家自然科学基金面上项目(项目编号:72072012,71972010,71972011);北京市社会科学基金项目(项目编号:22GLC057)。

摘　　要：加快构建新发展格局,着力推动高质量发展是我国现阶段发展的重要目标。企业ESG(环境、社会和治理)表现作为高质量、可持续发展的重要标准,受到了学术界和业界的广泛关注。然而,员工作为企业最重要的利益相关者之一,却鲜有研究探讨企业ESG表现对于员工利益的影响。本文借助企业年金缴费的客观依据,以2010-2021年沪深A股上市公司为研究样本,探讨了企业ESG表现与企业年金参与度的关系。研究发现,企业ESG表现显著促进了企业年金的参与度,经过一系列内生性和稳健性检验后该研究结论依然成立。机制检验发现,ESG表现能够通过提升企业绩效和内部控制质量,进而提高企业年金的参与度。异质性分析表明,在员工素质较高以及高管权力较弱的企业,ESG表现对于企业年金参与度的促进作用更加明显。进一步研究发现,企业ESG表现在提高企业年金的参与度后,能够进一步增加企业创新产出数量,从而助力企业实现高质量发展。It is an important goal of China’s development at this stage to accelerate the construction of a new development pattern and focus on promoting high-quality development.As an important standard of high-quality and sustainable development,the performance of enterprise environment,society and governance(ESG)has been widely concerned by theories field and actual situation field.However,employees,as one of the most important stakeholders in an enterprise,have rarely studied the influence of ESG performance on employees’interests.Based on the objective basis of enterprise annuity payment,this paper takes the A-share listed companies in Shanghai and Shenzhen from 2010 to 2021 as the research sample,and discusses the relationship between enterprise ESG performance and enterprise annuity participation.It is found that the performance of enterprise ESG significantly promotes the participation of enterprise annuity,and the research conclusion is still valid after a series of endogenous and robust tests.The mechanism test shows that ESG performance can improve the participation of enterprise annuity by improving corporate performance and internal control quality.Heterogeneity analysis shows that ESG performance plays a more significant role in promoting enterprise annuity participation in enterprises with higher employee quality and weaker executive power.Further research shows that After increasing the participation of enterprise annuity,enterprise ESG can further promote the number of innovative outputs of enterprises,thus helping enterprises achieve high-quality development.

关 键 词：ESG 企业年金 企业绩效 内部控制质量 高质量发展 

分 类 号：F832.5[经济管理—金融学]