Research On The Correlation Between The Investment Of Social Security Fund And The Quality Of Information Disclosure

Information disclosure is a channel to transmit signals between the capital market and the general public.The transparency of this channel and the quality of signal transmission are of great significance to the development of Chinese capital market.Institutional investors pay more and more attention to the information disclosure behavior of listed companies,and their shareholding ratio and professional level also show more and more significant advantages.Among them,the social security fund in Chinese share market invested more and more companies,and its investment scale,professional level and social status has strong advantages,is likely to lead to other investors to make similar decisions,so that the management pay more attention to the company's internal governance,which helps to improve the quality of the company's information disclosure.Based on the data of A-share listed companies at the stock exchanges in Shenzhen from 2009 to 2018,the assessment rating information released by the Shenzhen stock exchange measures the quality of information disclosure.Using the social security fund shareholding proportion of the total number of shares as the main explanatory variables to measure the level of social security fund ownership indicators,establish the regression equation,and robustness test.After a series of analyses above,this paper draws the conclusion that there is a significant positive correlation between the shareholding of social security fund and the quality of information disclosure.In addition,through the use of instrumental variable method to alleviate the endogenous problem,this paper adopts turnover rate as the instrumental variable of the shareholding ratio of social security fund,and finds that the shareholding of social security fund can play a supervisory role on listed companies,which is conducive to improving the quality of information disclosure of listed companies to a certain extent.This paper holds that the shareholding of the social security fund has a positive effect on improving the quality of informationdisclosure of listed companies to a certain extent,so it puts forward the following three suggestions: firstly,the social security fund should expand the investment scale of the social security fund,and continue to play the role of the social security fund as an example in the capital market.Secondly,the social security fund should grasp the dynamics of the capital market and expand the scope of its social responsibility.In addition,the government should also create a favorable external environment for the social security fund to actively participate in the governance activities of listed companies.The significance of this paper lies in enabling scholars,investors and various regulatory agencies to have a more comprehensive understanding of the role and value of investors in social security fund,which is of certain significance for the further improvement of the capital market and the protection of investors' interests.