Since entering the WTO in 2003,SSF(Social Security Fund)has developed into an important institutional investor in China’s A-share market,and SSF increase and decrease of the position size has also become an important reference indicator for other institutional investors and individual investors.However,the impact of SSF entrusted investment on the stock market fluctuation,both the industry and the academic community have a great deal of controversy.Therefore,based on the current market environment,this paper analyzes the process before and after SSF entered the WTO,especially the investment preferences of SSF entrusted investment on the stock market fluctuation empirically.Firstly,this paper defines the concept of SSF and systematically and comprehensively combs research literature and achievements of domestic and foreign scholars on the relationship between institutional investors with SSF as an important component and the stock market fluctuation.Subsequently,the analysis of the reasons,history,and scale of SSF’s entry into the WTO found that SSF’s position among institutional investors has been increasingly consolidates,and it has obtained a double harvest of benign development in the securities market and an increase in the scale of income.This paper studies respectively the situation of the entrusted management organization of the fund,the allocation of funds and the investment returns,the investment principles and investment concepts of the fund,and the analysis of the investment preferences of the entrusted investment of the fund,and finds SSF prefers blue-chip & white horse listed companies with large enough market value,stable performance,low asset-liability ratio,and high net assets income rate.Based on this,the paper summarizes the theoretical explanation and hypothesis of the text,and extracts some variables related to SSF shareholding and stock price fluctuation,constructs panel data for quantitative analysis,and scientifically tests that SSF investment can reduce stock price fluctuation and play the role of “market stabilizer”.Finally,this paper concludes that the SSF source is stable and the investment principle is stable.Therefore,the investment area is relatively long-term stable and the portfolio is relatively fixed.This paper clarifies the basic characteristics and investment concept of the SSF entrusted investment,and establishes the variables and models of the impacts of the SSF entrusted investment on the stock market.The results of empirical analysis show that the SSF entrusted investment has a positive and stable effect on the stock market.To this end,this paper suggests that the relevant departments should improve the SSF information disclosure,develop multi-level and multi-structural pension funds,and provide special investment varieties for the SSF investment to promote the sound development of SSF. |