《保险研究》20220503-《企业年金集合计划网络关系与投资绩效》（蒋翠侠、吴书敏、许启发）

［摘   要］由于采用复杂投资策略，企业年金集合计划存在网络关系并且影响投资绩效。为了检验这一效应，本文以2013年第1季度至2021年第1季度中国企业年金集合计划为研究对象，基于共同投资管理人关系构建企业年金集合计划网络并提取网络特征；运用面板数据回归模型，从收益与资金流入两个方面，定量揭示网络中心性对企业年金集合计划绩效的影响。实证结果表明，网络中心性对企业年金集合计划的绩效具有显著且稳定的正向影响。进一步分析发现，网络中心性对收益的影响在外包模式下更为明显，组合数、投资管理人数具有显著的正向调节作用；而网络中心性对资金流入的影响在两种运营模式下都显著，但在自营模式下影响力更强，组合数、投资管理人数同样强化了两者之间的影响关系。这些研究发现凸显了网络效应在企业年金集合计划绩效方面的积极作用，可以为中小企业选择企业年金集合计划提供参考。

［关键词］企业年金；企业年金集合计划；投资绩效；网络关系；网络中心性

［基金项目］国家社会科学基金一般项目(21BJY255)。

［作者简介］蒋翠侠,合肥工业大学管理学院副教授、硕士生导师,研究方向:金融计量；吴书敏,合肥工业大学管理学院研究生,研究方向:金融计量；许启发,合肥工业大学管理学院教授、博士生导师,研究方向:金融大数据。

Network Relationship of Collective Enterprise Annuity and Investment Performance

JIANG Cui-xia,WU Shu-min,XU Qi-fa

Abstract：Due to the use of complex investment strategies,the network relationship exists in the Collective Enterprise Annuity and affects the investment performance.In order to test this effect,this paper considered the Chinese Collective Enterprise Annuity plans from 2013 Q1to 2021 Q1,constructed the Collective Enterprise Annuity network based on the relationship of co-investment managers,and extracted the network features.Based on the panel data regression model,this paper quantitatively investigated the effect of network centrality on the performance of Collective Pension Plan Enterprise Annuity from the two aspects of return and capital inflow.The empirical results show that network centrality has a significant positive and robust impact on the performance.Further analysis indicates that the impact of network centrality on return is more obvious in the outsourcing mode,and the number of portfolios and investment managers has significant positive moderation effects.The impact of network centrality on capital inflow is significant in both operation modes,with stronger effect in the self-management mode,and the number of portfolios and investment managers further strengthens this relationship.These findings highlight the positive role of network effect on the performance,which helps small and medium-sized enterprises choose a suitable Collective Enterprise Annuity plan.

Key words：Enterprise Annuity;Collective Enterprise Annuity;investment performance;network relationship;network centrality