Study On The Value Selection And Value Creation Ability Of Social Security Fund

As an advocate of China's capital market value investment and long-term investment,the Social indemnification fund achieved proud investment income since establishment.So is the great investment ability derived from its ability of good value choosing or value creation ability? This paper has carried out research on the question.The specific research ideas are as follows:Firstly,this paper analyzes the status of social indemnification fund holdings and the relationship between shareholding changes and listed companies' performance and performance changes;Then,from the theoretical perspective,prove the social indemnification fund has the ability and motivation to value selection and value creation,and prove the realization mechanism of its value creation ability through game model.Next,this paper researches on whether social indemnification fund has value choosing ability and value creation ability empirical,and carries out endogenous problems.The discussion also carried out an empirical test on the realization mechanism of its value creation ability.Finally,based on the research conclusions,this paper proposes relevant policy recommendations.The main conclusions of this paper are as follows:(1)Social indemnification fundhave certain value selection ability and value creation ability.(2)The value selection of social indemnification fundand the realization process of value creation ability have certain lag.(3)Social indemnification fund The value choice and value creation ability of shareholding has certain bias.The value selection ability of social indemnification fund holdings is more reflected in the choosing of company's scale performance,and the social indemnification fund value creation ability is more reflected in the company'sefficiency performance.(4)The value creation ability of social indemnification fund holdings will be realized through corporate governance that supervises management.Based on the above conclusions,this paper puts forward relevant policy recommendations based on the current development of China's securities market,including: "Enhancing the market's rational understanding of social indemnification funds,refusing blind pursuit of the wind and herd behavior","tailorly tailoring the social indemnification fund investment concept,improving the scientific system's assessment mechanism",“Expanding investment areas and managers,and improving the abilitiesof value choice and value creation of social indemnification funds”,"breaking the listed companies' governance ills,and encouraging social indemnification funds to create value".