The Research Of ESG Investment Preference On Pension Funds

In recent years,as the concept of sustainable development is known very well to the masses,whether the ESG performance of enterprises can obtain the attention of investors is proven to be an important topic during domestic and foreign scholars.This thesis collates and summarizes the relevant literature at home and overseas,systematically sorts out the ESG investment theories and portfolio theories.On this foundation,uses the date of A-share listed companies from Q1 2018 to Q4 2021 as the analysis samples,selects the CSEC ESG rating data from 2018 to 2021 as core explanatory variable and the proportion of pension funds holding as explanatory variable,use industry and individual fixed effect regression mode to empirically examines the impact of ESG performance to the pension fund holding ratios.In order to ensure the stability and reliability of the regression,this article also inspects the endogenous test and robustness test.Make further efforts,this thesis inspects the heterogeneity of the enterprise age,ownership and asset size.The research conclusions in this thesis are as follows:In the past four years,the ESG performance of listed companies have a significant promoting effect with the share holding ratio of pension funds.which indicates that pension funds began to pay close attention to the ESG performance of listed companies.and further heterogeneity analysis reveals that,among the enterprises with high ESG performance,pension funds holding proportion have a significant positive correlation relationship with enterprise age.also,the pension funds holding proportion have a significant positive correlation relationship with non-state-owned listed companies.and the last,the pension funds holding proportion have a significant positive correlation relationship with companies which are large assets size.The study may have the following marginal contributions:first of all,this thesis investigates the impact mechanism of ESG performance to the pension funds holding proportion,expands and enriches the relevant literature of ESG performance and pension funds investment.Secondly,it will push A-share listed companies to improve their ESG performance actively,and promote the transformation of sustainable development.Thirdly,it provides the empirical evidence for investors emphasis ESG investment philosophy,formulate ESG investment strategies and implement ESG investment plans.Last but not least,this thesis examines the impact mechanism of the enterprise age,assets size and the ownership to the holdings proportion of pension funds,which provides the reference for pension funds to accelerate the pace of investment.Base on the research conclusions above,it is recommended that the government should continue to strengthen the education to investors,lead the investors to build the sense of long-term investment,and promote the listed companies to transform to sustainable development through the resource regulation function of the capital market.