The Effect Of Pension Fund In Corporate Governance

In the early 1980s, the corporate governance has become one of an international study of pension since the U.S. public pension funds have been involved in corporate governance as shareholders. In China, as the establishment of the National Social Security Fund in 2000, with the capital market development and improvement of pension funds, the security of pension fund has been concerned. In the modern capital market, pension funds and other institutional investors participate in corporate governance has become an international trend which made a significant impact on the development of the modern corporate governance and the improvement of the concept of corporate governance.In this paper, on the basis of corporate governance theory, the development of the pension funds theory, the research status and the actual state of development have been expounded. The effect of involvement by pension funds in corporate governance has been analyzed on emphasis, the development of the status on National Social Security Fund has been elaborated, measures of National Social Security Fund on how to participate in corporate governance in china has been proposed, which combined with the Chinese actual situation and experiences of other countries.This paper has been divided into four parts on the theoretical and practical experience:Chapter I, introduction. Paper mainly introduces the research purpose and significance, as well as domestic and international literature review papers.Chapter II, the theory about pension fund participating in corporate governance. In this part, institutional investors and pension funds are defined and also described the development of the theory of corporate governance, elaborated the background,influencing factors and the paths of involvement of the pension funds in corporate governance. Chapter III, the analysis of effects on pension fund participating in corporate governance. This part is the focus of the paper. There are two points of view on effects of pension fund participating in corporate governance by scholars from domestic and abroad, which are effective and invalid. This part is largely based on quantitative empirical research, which is a certain limitation. In this chapter, established the effectiveness of corporate governance,the definition and evaluation of dimension and elaborated impacts on dimensions of corporate governance after the pension fund participating in,which are based on previous studies.Chapter IV, proposals of pension fund on how to participate in corporate governance in China. Based on theoretical analysis and experiences of the three chapters reviewed above, in this chapter, make an analyzes about the advantages and disadvantages of corporate governance of National Social Security Fund's participation in the current situation, and make recommendations on the main body of corporate governance, the implementation environment and the implementation path of National Social Security FundThe innovation lies in paper may be the first to divide the evaluation of the effect of corporate governance into four dimensions, and starting from the four dimensions, discussed the impact on them as pension fund participating in corporate governance; Secondly, analysis the investment and operation status by National Social Security Fund and sought to be able to find out a effective way on participating in corporate governanceAt the same time, the problems on the evaluation of the effectiveness still exist:On one hand, for the evaluation of the effectiveness is still on a more macro level, which is a limitation; On the other hand, the division on the dimension of evaluation is of incomplete and did not format quantifiable standards yet. These two areas can be deepened and improved in future studies.