社保基金持股对企业ESG改善的实证分析

An Empirical Analysis on the Enhancement of ESG Performance by Chinese National Social Security Fund’s Ownership

社保基金已成为我国资本市场中的重要力量。本文基于ESG视角研究发现,社保基金持股对企业ESG治理具有积极作用,且社保基金的主动投资对企业ESG表现的提升更具价值,而对国有股划转企业ESG表现的提升无效。进一步对比研究发现,社保基金对企业ESG表现的提升作用强于其他类型的机构投资者。机制检验表明,社保基金持股有助于改善企业的内控质量、提升分析师关注度,以及提高企业信息披露质量,从而影响企业ESG表现。最后,还发现对于非国有企业、资产规模大的企业,以及处于市场化程度较高区域的企业,社保基金的ESG治理作用更加有效。本文拓展了社保基金持股的经济后果研究,为推动社保基金在资本市场中发挥积极作用提供了理论依据。

DU Qiu-xuan;JIANG Yan;HOU De-shuai;The Chinese National Social Security Fund(CNSSF) has become an important player in China's capital market. Based on the ESG perspective, this study finds that CNSSF ownership significantly improves invested firms' ESG governance, and its active shareholding has an even larger impact. But CNSSF ownership has no effect on the ESG performance of state-owned enterprises whose shares are transferred to CNSSF as regulation requires. Further comparative study shows that CNSSF has stronger promotional effect on ESG than other types of investment institutions. The mechanism test indicates that CNSSF's promotional effect mainly lies with its improvement on the enterprise's quality of internal control, raising analysts' attention, and enhancing the enterprise's information disclosure. Lastly, it is also found that non-state-owned enterprises, enterprises with a large asset size, and more market-oriented enterprises tend to respond more proactively to the CNSSF's ESG enhancement effect. This paper expands the research on CNSSF ownership' s economic consequences, and offers theoretical reference for promoting CNSSF playing a more active role in the capital market.