养老基金ESG投资的历史演进、观点争议及前景展望  

Historical Evolution,Controversial Views and Prospects of ESG Investments by Pension Funds

作　　者：房连泉[1,2] 郭娟 庄琦 Fang Lianquan;Guo Juan;Zhuang Qi(National Academy of Chinese Modernization,Chinese Academy of Social Sciences(CASS),Beijing 100732,China;School of Government,University of Chinese Academy of Social Sciences(UCASS),Beijing 102488,China)

机构地区：[1]中国社会科学院中国式现代化研究院,北京100732 [2]中国社会科学院大学政府管理学院,北京102488

出　　处：《金融发展研究》2025年第2期50-58,共9页Journal Of Financial Development Research

基　　金：国家社会科学基金重大项目“2035年我国多层次多支柱养老保险体系发展目标和现实路径研究”(23ZD100)。

摘　　要：养老基金是养老金融的核心,是重要的耐心资本。ESG投资是养老保险基金投资中的一个新兴领域,部分理论问题尚需廓清。本文对养老基金ESG投资的起源、发展演进以及面临的争议问题进行系统梳理。从发展历程看,ESG投资是对社会责任投资的继承与发展,并将环境、可持续发展和治理责任纳入框架。20世纪90年代以来,ESG投资逐步获得全球公共养老基金的青睐。当前围绕养老基金ESG投资的主要争议有全民持有、受托责任、金融回报和社会声誉等问题。未来养老基金ESG投资前景广阔,但仍需在完善政策法规、明确投资目标、加强信息披露和建立行业标准等方面做出努力。Pension fund is the core of pension finance,which is an important patient capital.ESG investment is an emerging field in pension fund investment,and some theoretical issues still need to be clarified.This paper provides a systematic overview of the origins,developmental evolution,and controversial issues faced by pension funds'ESG investments.In terms of its evolution,ESG investing is the successor and evolution of socially responsible investing and incorporates environmental,sustainable development and governance responsibilities into the framework.Since the 1990s,ESG investments have gradually gained popularity among public pension funds around the world.Currently,the main controversies surrounding pension funds'ESG investments include issues such as universal ownership,fiduciary responsibility,financial returns and social reputation.The future of pension fund ESG investment is promising,but it still needs to make efforts in improving policies and regulations,clarifying investment objectives,strengthening information disclosure and establishing industry standards.

关 键 词：养老基金 ESG投资 责任投资 可持续发展 

分 类 号：F830[经济管理—金融学]