Research On The Heterogeneous Social Security Fund On Firm Performance

As a special institutional investor,China's social security fund was established in August 2000 and officially entered the stock market in 2003.After development of more than ten years,it has become a very important institutional investor in China's securities market.Therefore,studying the impact of social security funds on the performance of listed companies in China is of great significance to improving corporate governance,promoting the healthy development of listed companies in China,maintaining the stability of capital markets and ensuring the capital appreciation of social security funds.In recent years,there have been many studies on the relationship between institutional investors and corporate performance at home and abroad,but there are few studies on the impact of social insurance funds as a special institutional investor on corporate performance,while there are fewer studies on the heterogeneity of social security fund,so the social security fund is a value selector or a value creator,and it is worthy of further research.This paper draws on the relevant researches of domestic and foreign scholars on the impact of institutional investors on corporate performance,sorts out relevant literature,and based on the theory of shareholder activism,stakeholders,principal agent and cost-benefit,the social security fund on corporate performance the impact was analyzed.On this basis,according to the different sources of social security fund stocks,this paper divides social security funds into social security fund portfolio holdings and social security fund transfer holdings,and studies the differences between heterogeneous social security funds on corporate performance and corporate performance improvement,and make relevant assumptions.In the empirical part,this paper takes the 2009-2017 data of China's Shanghai and Shenzhen A-share listed companies as observation samples and uses Stata14.0 statistical software for empirical analysis,and draws the following conclusions:(1)The overall shareholding of social security funds not only has the ability to choose value.It also has weaker value creation capabilities.(2)The social security fund portfolio holding stock not only has the ability to choose value,but also has a certain value creation ability.(3)The social security fund's shareholding has only weaker value selection ability and does not have value creation ability.Finally,on the basis of the research conclusions,in order to promote the healthy development of the social security fund,the following reference suggestions are proposed: Firstly,improve the relevant laws and regulations of the social security fund,and increase the proportion of social security funds entering the market.Secondly,give the Social Security Fund the power to transfer shareholding shares to corporate governance.Thirdly,expand the investment channels of social security funds and promote the diversification of social security fund investment.