员工福利还是员工激励——基于企业年金的实证研究

本项目借助地区社会组织数量作为外生的工具变量，同时考虑企业年金制度的个人所得税优惠政策作为外生事件，使用DID工具变量模型全面系统地分析企业建立和实施年金制度的经济后果影响。首先，本项目拟分析企业年金制度的建立和实施是否会影响企业的经营管理活动，拟从员工薪酬结构和管理层经营业绩目标两个角度进行分析，同时考虑产权性质等制度因素对上述关系的影响。其次分析企业年金制度的建立和实施是否影响企业财务政策决策，具体从企业的现金持有行为和创新活动决策两个方面阐述。再次，分析企业年金制度的建立和实施是否影响企业的资本市场反应，主要从股价崩盘风险的角度进行考察。通过理论分析和实证研究结论为基础，对上市公司的企业年金制度具体实施后果进行分析和总结，试图深刻理解企业年金制度的作用与意义，为企业实施年金制度提供具体的实践指导意见，同时也为健全完善国家养老制度提供参考依据。

With the help of the number of regional social organizations as exogenous instrumental variables, and considering the individual income tax preferential policies of the enterprise annuity system as exogenous events, this project uses the DID instrumental variable model to comprehensively and systematically analyze the economic consequences of the establishment and implementation of the enterprise annuity system. Firstly, this project plans to analyze whether the establishment and implementation of the enterprise annuity system will affect the operation and management activities of the enterprise. It plans to analyze from two perspectives: the salary structure of employees and the management's business performance objectives. At the same time, it considers the impact of institutional factors such as the nature of property rights on the above relationship. Secondly, it analyzes whether the establishment and implementation of the enterprise annuity system affect the financial policy-making of the enterprise, specifically from two aspects of the cash holding behavior and innovation activity decision-making of the enterprise. Thirdly, it analyzes whether the establishment and implementation of enterprise annuity system affect the capital market response of enterprises, mainly from the perspective of the risk of stock price collapse. Based on the theoretical analysis and empirical research conclusions, this paper analyzes and summarizes the specific implementation consequences of listed companies' enterprise annuity system, trying to deeply understand the role and significance of enterprise annuity system, provide specific practical guidance for the implementation of enterprise annuity system, and also provide reference for the improvement of national pension system.