Research On The Influence Of Social Security Fund Shareholding On Enterprise R&D Investment

Innovation is the first driving force of development and the source of promoting social productivity and improving people’s well-being.R&D investment,as the source of innovation activities,is bound to become the focus of national attention and support.Enterprise innovation cannot be separated from the continuous investment of R&D funds,and the investment of R&D funds cannot be separated from the decisionmaking of corporate governance.As an important institution related to people’s livelihood,social security fund plays a key role in corporate governance.It adheres to the operation goal of long-term appreciation and preservation of the capital pool,and pays special attention to the long-term value and future development potential of the enterprise when selecting shares.The R&D investment is often regarded as a strategic investment based on long-term consideration of the enterprise,and its investment level must become the object that the social security fund focuses on and exerts its influence.Based on the above background,this paper combs the previous relevant literature,and then discusses the changes that social security funds bring to enterprise R&D investment from different paths according to principal-agent theory,signal theory and stakeholder theory.At the same time,based on the special status of the social security fund itself,we can verify whether the social security fund actively exercises its active management responsibility.Considering that the impact mechanism of social security funds on R&D investment may be different under the conditions of different property rights,different levels of corporate governance and different levels of market competition,this paper also adds the above three regulatory variables to carry out theoretical analysis and put forward relevant research assumptions.Then select the relevant data of listed companies in the A-share market from 2012 to 2021 as the sample,and carry out regression test on the sample in the empirical analysis.In order to avoid the interference of endogenous problems,this paper also uses Heckman’s two-stage method and instrumental variable method to carry out endogenous analysis,and then uses the replacement of core explanatory variables for regression to enhance the robustness of the conclusion.At the end of the empirical part,this paper also discusses the mechanism effect of financing constraints as an intermediary variable.At the end of this paper,we also summarized the above research results and put forward policy recommendations according to the current situation.Through the above analysis,the research results of this paper found that there is a positive correlation between the shareholding of social security funds and the R&D investment of enterprises,and the shareholding of social security funds significantly promoted the R&D investment of enterprises.After considering the regulatory effect of various factors,this paper finds that the influence of social security fund shareholding on the R&D investment of state-owned enterprises is not significant,but in private enterprises,there is a significant positive correlation between the two.Secondly,in enterprises with high governance level,the shareholding of social security fund has no significant effect on the R&D investment of enterprises,but in enterprises with low governance level,the shareholding of social security fund has a significant positive effect on the R&D investment.Thirdly,compared with the oligopoly market,the promotion of R&D investment of enterprises in the competitive market is more significant after the shareholding of social security funds;In addition,this paper finds that after holding shares in listed companies,the social security fund mitigates the internal problems of information asymmetry and inconsistent interests,and the financing constraints that plague enterprises have been alleviated to a certain extent,thus driving R&D investment.Based on the above conclusions,this paper puts forward three policy recommendations: first,actively promote the entry of social security funds into the market,moderately liberalize the restrictions on social security funds,and help social security funds to maximize their advantages in the management;Second,continue to increase the guidance and support for R&D and innovation to create a good external environment for innovation-driven development;Third,focus on R&D and innovation of private enterprises.The research results of this paper not only enrich the research content of social security fund on corporate governance,but also provide reference for the operation and management of social security fund.