社保基金投资与企业ESG表现  

Social Security Fund Investment and Corporate ESG Performance

作　　者：倪志兴 陈嘉滢 李增福 Ni Zhixing;Chen Jiaying;Li Zengfu

机构地区：[1]云南财经大学会计学院 [2]华南师范大学经济与管理学院 [3]广州理工学院经济与管理学院 [4]华南师范大学

出　　处：《金融经济学研究》2024年第6期108-123,共16页Financial Economics Research

基　　金：国家社会科学基金项目(19BGL057);国家自然科学基金项目(72372144);广州市社科规划2020年度课题项目(2020GZGJ58)。

摘　　要：作为中国股市最大的机构投资者,社保基金对改善企业ESG表现有着独特的优势。基于2009—2022年沪深A股上市公司的数据,研究社保基金投资对企业ESG表现的影响。研究发现,社保基金投资显著提高了企业ESG表现,在进行稳健性及内生性处理后,该检验结论依然成立。机制检验表明,社保基金通过降低融资成本、加大研发创新、提高盈余质量,改善了企业ESG表现。异质性分析表明,社保基金对企业ESG表现的促进作用在高污染企业、高新技术企业、媒体关注度低的企业中更为显著。进一步研究发现,相对于其他机构投资者,社保基金对企业ESG表现的促进作用更大,且社保基金投资对企业ESG表现的提升作用显著降低了企业风险,提高了企业效益。建议政府鼓励社保基金积极参与上市公司治理,增强对高污染企业、高新技术企业及媒体关注度较低企业的关注;上市公司应完善对社保基金等投资者的联动响应机制并同时加强信息共享。The Social Security Fund is the largest institutional investor in China's stock market and uniquely positioned to improve corporate environmental,social,and governance(ESG)performance.This study investigated the effect of social security fund investment on corporate ESG performance based on the data of A-share listed firms in Shanghai and Shenzhen from 2009 to 2022.The results showed that Social Security Fund investment significantly improves corporate ESG performance,and this conclusion remains valid after robustness and endogeneity treatment.The results of the mechanism test suggest that the Social Security Fund improves corporate ESG performance by lowering financing costs,stepping up research and development(R&D)and innovation,and enhancing earnings quality.The heterogeneity analysis revealed that the Social Security Fund has a more significant facilitating role in corporate ESG performance among high-polluting firms,high-tech firms,and firms with low media attention.Further research found that compared to other institutional investors,the Social Security Fund plays a greater facilitating role in corporate ESG performance,while the enhancing effect of Social Security Fund investment on corporate ESG performance significantly reduces corporate risks and increases corporate benefits.This study recommends that the government encourage the Social Security Fund to actively participate in the governance of listed firms and focus on high-polluting firms,high-tech firms,and firms with low media attention;whereas listed firms should improve their interactive response mechanism with respect to investors,such as the Social Security Fund,and enhance information sharing.

关 键 词：社保基金投资 企业ESG表现 融资成本 研发创新 盈余质量 

分 类 号：F832.48[经济管理—金融学]