Research On The Impact Of Social Security Fund Shareholding On Enterprise Earnings Management Behavior

Social security fund plays a key role in the whole field of institutional investment.In China’s fund industry,it plays an important role in both position and volume.Social security fund has existed in an independent form for a long time.The transaction and investment form of social security fund play an irreplaceable role in the stability of securities trading market.In order to explore the impact of social security fund Shareholding on enterprise earnings management,based on the data of Chinese A-share listed companies from 2008 to 2019,this paper constructs a two-way fixed effect model between control time and individual,mainly taking whether social security fund shareholding is shareholding and the majority weight of social security fund shareholding as explanatory variables,Then according to the company’s real and accrued earnings management as the explanatory variables,this paper empirically explores the relationship between social security fund ownership and enterprise earnings management.Further,considering that there may be heterogeneity in the impact of social security fund Shareholding on enterprise earnings management in enterprises with different property rights and different sizes,this paper divides the samples into state-owned enterprise group,non-state-owned enterprise group,large-scale enterprise group and small-scale enterprise group,and then carries out grouping regression to explore the role of heterogeneity.This paper finds that the shareholding of the social security fund is inversely proportional to the level of the company’s earnings management,that is,the social security fund plays a positive supervisory role in the shareholding status,which can well restrict the company’s earnings management level.Similarly,this effect is better for non-state-owned enterprises.The active shareholding degree of social security fund has a significant restrictive impact on non-state-owned enterprises.Compared with larger companies,the positive degree of social security fund shareholding has a more obvious restrictive effect on the earnings management level of small companies.Finally,this paper puts forward four suggestions.