湖北社会科学

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(1)由于本文检索于2023年5月，因此未能统计2023年全部数据，故图1省略2023年发文量。

(1)本文所涉及的养老基金投资，主要指国际上较有代表性的国家（地区）所采取的养老基金投资方式，包括公有属性明显的主权养老基金和较为注重投资收益的私有属性养老基金。

(2)连线越粗代表连线强度越大，文献间联系越紧密，圆圈越大代表文献引用量越大。

(3)England是大不列颠及北爱尔兰联合王国中的最大构成国，不具有主权属性，但在学界多以England泛指英国本土，下同。

(1)字体加粗国家（地区）为各聚类发文量、引用量较大的国家（地区）。

(1)本段计算各国养老基金ESG投资的年化收益率选取的时间段分别为：GPFG:1998—2020年，CPPIB:1999—2020年，GPIF:1999—2020年。

(2)本节探讨养老基金ESG投资对于不同投资角色的影响，故而从公司股东角度研究股东治理问题。

(3)ESG投资可以视为负责任的投资的一种具体实践，ESG投资强调考虑公司的环境、社会和治理表现来评估其可持续性和长期价值，而负责任的投资还可能包括其他因素，如社会责任、道德价值观等。两者均倡导投资者在投资决策中考虑更多非财务因素，并鼓励企业提高对社会、环境和治理的关注和表现。参见联合国负责任投资原则组织官网（unpri.org）。