| With the rapid development of economy and society,China has entered a period of accelerated aging.Pension issues are becoming the focus of people's attention in the national economy and people's livelihood issues.According to the data from the China Statistical Yearbook,by the end of 2016,the total population of China had reached 1.38271 billion.The total number of elderly people over 65 years old was 150.03 million,accounting for 10.8%.And the ratio between working and retired population was up to 15.0%.It is estimated that by 2025,the proportion of the population over 65 years old in China will reach 14%,entering into a deep aging society and the ratio between working and retired population will be up to 20%.In 2035,the proportion of the population over years old in China will reach 20%,entering into a super-aging society and the ratio between working and retired population will be up to 50%.As a result of the surge in the number of people in retirement age,the unbalanced development of income and payments in pension funds has created a huge gap in pensions.The financial position and solvency of pensions have been constantly questioned by the outside world.The pension gap needs to be solved.The social security fund is the "life support money" of the common people and the foundation of the social security system,shouldering the mission of maintaining and increasing the value of social security funds and alleviating the major gap in social security funds.Its safety and maintenance and appreciation of values are related to the healthy development of social security undertakings.The Social Security Fund has developed into an important institutional investor in the capital market,which is now attached to the Ministry of Finance and entrust the National Council of Social Security funds with unified management.The funds to be raised by the governing Council for future payments are invested in the capital markets,with direct investment as an independent institutional legal person or entrusting professional investment management institutions for entrusted investment.After more than ten years' operation and development,the scale of social security fund assets and the strength of investing in the stock market are increasing year by year,which plays an increasingly important role in the capital market.As institutional shareholders,social security fund is an important external administrator,which has a significant impact on the value of listed companies.First,compared with other individual investors,institutional investors such as social security funds have more professional analytical teams and more precise judgement.The fund manager makes a comprehensive analysis and evaluation of the target company to determine whether it is worth investing.Based on the investment concept of "value investment",the social security fund must take into account many factors,such as company performance,growth and company value.When selecting shares,it has certain value preference.Secondly,the goal of maintaining and increasing the value of social security fund determines that it is the goal of its investment behavior to obtain stable investment income,while the investment return of equity securities such as stocks has a high correlation with the operating status of the invested company.On the one hand,the social security fund has enough motivation to pay close attention to the operating condition of the invested company and actively participates in corporate governance.On the other hand,as an external institutional investor,the social security fund has a strong independence and is unlikely to collude with the management of the listed company,so it is a good external supervisor.In addition,the social security fund is operated by 17 different investment managers,and there is a strong heterogeneity among them.As a result,the impact on listed companies and capital markets may be very different.The investment and operation of social security fund and the development of capital market affect on each other and form a symbiotic relationship.On the one hand,in order to achieve the goals of capital security and asset preservation and appreciation,the market-oriented investment of social security funds must have a sound capital market to provide a macro investment environment for them.On the other hand,the investment behavior of social security fund will also play a positive role in promoting the development of capital market.In particular,the Social Security Fund,as an external institutional shareholder,helps to alleviate the two types of principal-agent problems of listed companies.That is,the agent conflict between the owner and the management and the conflict of interest between the major shareholder and the minority shareholder.This helps to supervise the behavior of management and prevent major shareholders from encroaching on the interests of minority shareholders.The social security fund can improve the governance level of the listed company,and it is of great significance to increase the shareholder's wealth and the value of the listed company.The positive behavior of social security fund and other institutional shareholders makes the public fully aware that the social security fund,a powerful force,is gradually affecting the healthy development of listed companies and the capital market.Therefore,it provides a research opportunity for this paper,which is of great significance to strengthen the investment management of social security fund and the healthy development of capital market.This paper takes the social security fund as the research object,selects the quarterly data of the non-financial listed companies of A shares in from 2003 to 2017 as the sample,uses the method of combining the theoretical analysis and the empirical test,probes into the relationship between the social security fund shareholding and the company value.The main research ideas of this paper are as follows:First,the characteristics of stock selection of social security funds are studied.Secondly,the paper empirically tests the economic consequences of social security fund's participation in corporate governance,and proves that social security fund holdings can promote the value of listed companies.Finally,this paper analyzes whether there are differences in the influence of the social security fund portfolio managed by different investment managers on the value of listed companies under the different investment model.The conclusions of this paper are as follows:(1)Shareholding of social security fund has value preference.When the social security fund as a whole selects shares,it adheres to the concept of value investment,preferred to select listed companies with higher corporate value as investment objectives.And the higher the value index of the company,the Social Security Fund holds a higher share with ability to choose value.(2)The role of Social Security Fund shareholding on the value of the Company.The PSM model shows that the shareholding of the social security fund promotes the value of the company,and this effect will continue until the period after the shareholding.(3)The role of heterogeneous investment managers in holding shares on corporate value.In the study of the shareholding ratio of heterogeneous fund managers,it is found that the influence of different fund managers' shareholding behavior on the value index of listed companies is different.The main points of innovation in this paper are the following two points:First,take the social security fund as the research object,and study the logical relationship between the social security fund and the value of the listed company.Because of the large heterogeneity of institutional investors,the existing literature is often discussed,and it is difficult to find out whether different institutional investors have different effects and effects on listed companies.In this paper,the social security fund is split from the "resultant force" of institutional investors and is studied separately.At the same time,few scholars have systematically studied the logical relationship between the social security fund investment and the company's value before and after the investment.In addition,most of the research on the portfolio of social security fund is to measure the risk and performance evaluation of the social security fund in different portfolios of the social security fund.Few people have linked social security fund portfolios with listed companies.This paper links the social security fund managers with the listed companies innovatively,and studies the inherent logical relationship between the social security fund investment and the value of listed companies.Secondly,creatively using the perspective of the social security fund differential investment manager,the different managers of the social security fund are introduced to explore whether the role of the heterogeneous investment managers is different to the company's value.The lack of research in this paper is mainly in the following aspects:About the study methods.There are many ways for the social security fund to actively participate in corporate governance,including exercising their voting rights,putting forward to the board bill,Private negotiation or negotiation with management,conducting prosecution,etc.However,at present,China has not yet forced the disclosure of relevant information,so it is impossible to obtain relevant data.Therefore,in the study of the positive role of the social security fund,this paper only studies the positive effect of the social security fund through the way of holding the shareholding,that is,the ultimate impact on the value of the company,and does not study the direct way of the social security fund to participate in the governance.In this paper,TobinQ is used as a measure of company value.It is an index commonly used to measure company value in current research.But the company value includes some indicators that can not be quantified at present,such as corporate culture,etc.Therefore,there are still some gaps between the value of the company studied and the actual value of listed companies.Considering the impact of social security fund holding on the value of the company may lag behind,this paper uses the social security fund to share the former company value data and the post holding company value data to distinguish the"value discovery" and "value creation" function of the social security fund.But the change of company value is caused by many factors,so this distinction may not be accurate. |
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