【作者】 张怡；

【导师】 张华节；

【作者基本信息】 西南财经大学 ， 应用统计（专业学位）， 2024， 硕士

【摘要】 随着可持续发展和“双碳”目标的持续推进,社会各界对ESG概念的关注度日益提升。企业ESG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。同时,我国人口老龄化问题的突出,也给国家和社会的发展带来了巨大的挑战。在这种背景下,企业年金计划应运而生,它是指由企业为员工自发提供的退休金计划,它们不仅可以提高员工的福利,缓解养老资金问题,还可以为企业提供一种长期投资的机会,促进企业可持续发展。为探究ESG表现与企业年金之间的关系,本文对国内外文献进行了回顾和梳理,借助委托代理、可持续发展等理论,提出5个相关假设,并对其进行实证研究。首先,以2011-2022年中国沪深A股上市公司为研究对象,本文建立了双向固定效应、GMM等模型,探讨ESG表现与企业年金之间的关系,通过一系列稳健性检验保证了结果的可靠性。其次,进一步分析其内部的传导路径,并检验了经济政策不确定性是否存在调节效应。最后,本文从政府部门和企业自身出发,提出了发展企业年金的意见与建议。研究结果如下:(1)ESG表现与企业年金水平存在正向关系;(2)企业的ESG表现对企业年金设立的促进作用具有滞后效应;(3)企业ESG表现通过提高企业绩效,从而促进企业年金参与;(4)企业ESG表现通过缓解融资约束,从而促进企业年金参与;(5)经济政策不确定性存在积极的调节效应,即随着经济政策不确定性的增加,ESG表现对企业年金的促进作用也随之增强。本文从利益相关者中的员工视角出发,关注企业员工的养老福利问题,理论分析和实践检验了ESG表现与企业年金建立之间的关系,丰富了ESG领域的研究,推动我国企业年金的发展。更多还原

【Abstract】 With the sustainable development and the continuous advancement of the "double carbon" goals,the attention of society on the concepts of ESG is increasing.As an important standard for high-quality and sustainable development,ESG performance has received widespread attention from academia and the industry.At the same time,the prominence of the aging population in China has also created enormous challenges for the development of the country and society.Against this background,enterprise annuity plans are pension plans provided by enterprises for their employees,they not only improve the welfare of employees,but also provide enterprises with a kind of long-term investment opportunity.This paper reviews the domestic and international literature,it analyzes the mechanism around ESG performance and enterprise annuity,puts forward five relevant hypotheses,and conducts empirical research on them.First of all,taking China’s A-share listed companies in Shanghai and Shenzhen from 2011 to 2022 as the research object,this paper establishes a two-way fixed effect model,a GMM model and so on,it attempts to explore the relationship between ESG performance and corporate annuity.Second,further analyzes its internal transmission path,and tests whether there is a moderating effect of economic policy uncertainty.Finally,each hypothesis is verified one by one,and the reliability of the results is ensured by a series of robustness tests.In addition,this paper puts forward opinions and suggestions for the development of enterprise annuity from the perspective of government departments and enterprises themselves.The main research conclusions in this article are as follows:(1)There is a positive relationship between ESG performance and enterprise annuity;(2)The lagged effect of firms’ ESG performance on the promotion of enterprise annuity establishment;(3)Enterprise ESG performance promotes enterprise annuity participation by improving corporate performance;(4)Enterprise ESG performance promotes enterprise annuity participation by alleviating financing constraints;(5)There is a positive moderating effect of economic policy uncertainty.As economic policy uncertainty increases,the contribution of ESG performance to enterprise annuity increases.From the perspective of employees as stakeholders,this paper focuses on the pension welfare of corporate employees,theoretically analyzes and practically examines the facilitating effect of ESG performance on the establishment of enterprise annuity and its internal mechanism,enriches the research in the field of ESG,and promotes the development of enterprise annuity in China.更多还原