| Facing the increasingly serious problem of population aging,the Fifth Plenary Session of the 19th CPC Central Committee clearly put forward to improve the multilevel social security system and implement the national strategy.As the second pillar of old-age security system,enterprise annuity can effectively make up for the substitution rate of basic old-age insurance and alleviate government’s pressure.However,the development of Chinese enterprise annuity has slowed down presently,and its supplementary role has not been fully and effectively played.Therefore,how to guide corporates to fully understand the economic function of enterprise annuity,and further expand the participation rate of it is a problem worthy of study.Based on Stakeholder Theory and Corporate Social Responsibility Theory,this paper deeply studies whether enterprise annuity can motivate employees,which is conducive to the managers’ achievement of performance targets.The study shows that enterprise annuity has a positive impact on the achievement of managers’ performance targets,especially in state-owned listed companies or the region where the company is located is highly aging.Further analyses suggest that the positive relationship between enterprise annuity and the achievement of performance targets is more obvious for listed companies with no CEO duality,higher average salary of employees and labor-intensive industries.The mediation test indicates that the positive impact of enterprise annuity on the achievement of performance targets is mainly realized by effectively improving the average salary of employees.The conclusion of this paper is helpful to help corporates realize the economic function of enterprise annuity and guide them to actively participate in it.At the same time,it also provides necessary micro evidence for giving full play to the pillar role of enterprise annuity in social security and alleviating the problem of Chinese population aging. |
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