企业年金既是社会保障制度的重要环节,也是企业内部激励机制的有机构成,对于企业细胞的价值创造意义重大。笔者使用正处于年金制度普及阶段的中国上市公司样本,研究了年金这项长效激励机制对于企业竞争力的影响,并使用中介效应模型进一步检验了其内在的作用机制。研究发现:建立年金制度确实能够提升企业竞争力水平,且这一正向的“竞争力效应”在经过内生性控制、样本调整以及估计区间调整等一系列稳健性处理之后仍然显著。进一步的机制分析表明,企业年金的员工激励属性是上述“竞争力效应”的重要来源,建立年金制度可以通过提高员工教育素质、增强员工结构稳定性以及促进人力资本投入的渠道进一步提升企业竞争力;但企业年金的高管激励效应则相对较弱,未能通过中介效应检验。上述研究结论不仅丰富了我国企业年金制度的治理效果类文献,也为微观企业提升其竞争力水平提供了一定的方向性参考。
Corporate pension is not only an important part of the social security system, but also is the organic composition of enterprise interior incentive mechanism. And it is important for value creation of enter- prise cell, so by using the sample of listed companies in China which is in the stage of the pension system, we studied the influence of corporate pension that was regarded as the long-term incentive mechanism on the com- petitiveness of enterprises. In addition, we use the mediator effect model to test the internal mechanism of it. The results indicate that : ( 1 ) The establishment of corporate pension can enhance the enterprises-competitive- ness, and the "competitive effect" is still significant after a series of robust treatment such as controlling for endogeneity, sample adjustment and estimating range adjustment; (2) Further mechanism analysis shows that the employee incentive attribute of enterprise annuity is an important source of the competitive effect. To estab- lish a pension system can further improve enterprise's competitiveness by improving the quality of the staff edu- cation, enhancing staff structure stability and promoting the human capital investment, but executive incentive effect of occupational pension is relatively weak, so it failed to pass the mediating effect test. The study of this paper not only enriches the literature about governance effect of pension in China, but also provides a potential reference for the micro enterprises to enhance their competitiveness.