| The National Social Security Fund was established in August 2000.As the National Social Security Reserve Fund,its main role is to supplement and adjust the social security expenditures during the peak period of population aging.The main body responsible for its management and operation is the National Social Security Fund Council.Since investing in the stock market in 2003,how the social security fund investment to maintain and increase the value of funds has become the focus of attention from all walks of life through.With the State Council issued the"Regulations on Investment Management of Basic Endowment Insurance Funds" on August 17,2015,this opened the basics of local Pensions have entered a new chapter in the stage of large-scale investment operations.The State Council passed the"National Social Security Fund Regulations(Draft)" in the executive meeting held in February 2016,which provided a legal basis for the asset management of the social security fund.This also indicates that the proportion of social security funds in the capital market is getting higher and higher,and the role of participating in corporate governance of listed companies cannot be ignored.As the main force of institutional investors in China,the social security fund is controlled by the state,guaranteed by the government's credit,and supervised by the people of the whole country.Its investment behavior is also closely related to national policies.Therefore,whether the social security fund can actively play a governance role,improve the quality and value relevance of accounting information in the capital market,and bring reference to the investment behavior of small and medium investors is a question of value research.At present,the research on the shareholding of social security funds has gradually increased,but there are not many studies on the specific shareholding information.This paper studies the increase in shareholding of social security funds to examine the impact of increased holdings on the relevance of accounting information.In terms of research content,this paper follows the existing research results,combined with the macro environment of our country and the institutional background of social security funds,using theoretical analysis and empirical testing methods.The structure of this paper can be divided into six parts:The first part introduces the research background and significance,and then further elaborates the basic situation of social security fund from the aspects of operational mechanism,investment philosophy and principles,and analyzes the investment model of social security fund and the current situation data,then summarizes the research content and framework of the article,pointing out the innovation of the research.The second part is the literature review,from the value correlation,institutional investors,social security fund holdings to several aspects at home and abroad,the relevant literature has been sorted out and summarized.The third part is to analyze the relationship between social security fund holdings and corporate governance,corporate governance and accounting information value,social security fund holdings and accounting information value correlation.The mechanism puts forward the research hypothesis of this paper.The fourth part and the fifth part enter the empirical test stage.This paper selects the company that the social security fund increases from 2013 to 2017 as a sample,collects the data of each quarter,and compares it.After the price model and the income model,a new regression model is established,in which the explanatory variable is the stock price,explanatory variables include whether the shareholding is increased,the increased proportion,the earnings per share,the net assets per share and a series of control variables.The principal component analysis method is also used to construct the corporate governance composite index as a mediator variable,and then the data and the model performs descriptive statistics,correlation analysis,regression analysis and robust test to analyze whether the model results are consistent with the previous assumptions;the sixth part draws conclusions based on empirical analysis,and then proposes corresponding improvement suggestions based on this.Through research and analysis,this paper finds that the increase in the value of social security funds can significantly improve the value correlation of accounting information.When the proportion of increasing holdings is higher,the correlation between the earnings per share and the value of net assets per share is higher.The impact of fund holdings on earnings per share is more significant.Earnings per share will have a stronger value correlation than net assets per share.Corporate governance can play a mediating role,which indicates that with the increase in shareholding ratio of social security funds It is more able to participate in the governance of the company,and the companies that have been increased by the social security fund are more excellent in terms of business performance and earnings management.Therefore,this paper also proposes to strengthen the social responsibility concept of social security fund,optimize the internal control system of investment operation,strengthen the information disclosure of social security fund,and actively play a leading role.It is a hope that the future investment of social security fund will be more valuable,and at the same time strive to promote accounting information in the capital market quality improvement.The innovations of this paper are mainly reflected in the following three points:(1)At present,China's research on social security funds mainly focuses on the relationship between institutional investors' investment banks and corporate governance.This paper makes full use of the previous research results,combined with the social security fund investment status,selects the social security fund holdings in the shareholding behavior,and joins the corporate governance intermediary variables,starting from the micro,from small and large,to study its value to the listed company accounting information.(2)If it can be proved that the social security fund's holdings have value relevance and improve the quality of accounting information,it indicates that its investment behavior can provide reference and ideas for other institutional investors as well as small and medium investors,and transmit new information to the stock market to prove by increasing the value of the company,it can also analyze the internal relationship between the increase of social security funds and corporate governance.(3)This paper is rich in data and diverse in methods.It combines theoretical analysis with empirical analysis.It does not study according to the annual data in the existing literature,but selects twenty quarters from the first quarter of 2013 to the fourth quarter of 2017 and quarterly research data extends the research window.During this period,the investment experience of the social security fund has become increasingly mature,and the capital market has undergone changes in depression and prosperity.Therefore,the long-term and authenticity are reflected in the selection of data. |
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