社保基金持股对上市公司绩效的影响研究
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摘要
社保基金入市是社会经济发展到一定阶段的产物,社保基金持股可以引导资本市场的价值投资,有利于资本市场健康稳定的发展。以2007—2016年沪深两市A股上市公司为研究样本,实证研究了社保基金持股特征对上市公司绩效的影响。实证结果显示,社保基金在提升上市公司治理水平方面发挥了重要的作用,有助于改善公司的财务状况,进而提高上市公司的获利能力。但社保基金在发展过程中存在诸多问题,应加强对社保基金的监管,完善相关法律法规,强化社保基金投资股市的力度。
Social Security Fund investment in the capital market is a product of the economic development to a certain stage. That can guide a value investment and promote a healthy and stable development of the capital market. Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2016 as the research samples,the paper empirically studies the impact of the characteristics of stocks held by Social Security Fund on the performance of listed companies. The empirical results show that the social security fund plays an important role in improving the level of governance of listed companies,which helps to improve the financial status of companies,and thus improves the profitability of listed companies. However,there are some problems in the development of social security funds. Therefore,it is essential to reinforce supervision towards Social Security Fund and improve relevant laws and regulations and promote Social Security Fund investment in the stock market as well.
Social Security Fund investment in the capital market is a product of the economic development to a certain stage. That can guide a value investment and promote a healthy and stable development of the capital market. Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2016 as the research samples,the paper empirically studies the impact of the characteristics of stocks held by Social Security Fund on the performance of listed companies. The empirical results show that the social security fund plays an important role in improving the level of governance of listed companies,which helps to improve the financial status of companies,and thus improves the profitability of listed companies. However,there are some problems in the development of social security funds. Therefore,it is essential to reinforce supervision towards Social Security Fund and improve relevant laws and regulations and promote Social Security Fund investment in the stock market as well.
引文
[1]方劲松,徐晓伟.机构投资者持股对上市公司财务绩效的影响——基于2012—2014年中国A股上市公司的面板数据[J].南方金融,2016(7):44-51.
[2]张涤新,李忠海.机构投资者对其持股公司绩效的影响研究——基于机构投资者自我保护的视角[J].管理科学学报,2017(5):82-101.
[3]李维安,李滨.机构投资者介入公司治理效果的实证研究——基于CCGI～(NK)的经验研究[J].南开管理评论,2008(1):4-14.
[4]钱露.机构投资者持股与公司绩效关系研究——基于中国A股上市公司的证据[J].经济学动态,2010(1):60-63.
[5]Prasad S.Bhattacharya,Michael A.Graham.On Institutional Ownership and Firm Performance:A disaggregated view[J].Journal of Multinational Financial Management,2009(19):370-394.
[6]朱亮,许庆高.机构投资者异质性、高管薪酬与公司业绩[J].财会通讯,2017(12):31-35.
[7]刘永泽,唐大鹏.社保基金持股信息的市场反应——基于中国资本市场数据[J].审计与经济研究,2011(5):3-13.
[8]张先治,贾兴飞.社保基金持股对公司价值的影响研究——基于持股特征异质性的视角[J].财经问题研究,2014(5):45-52.
[9]凌士显.社保基金持股:价值选择还是价值创造——基于持股异质性视角[J].南方金融,2016(10):53-60.
[10]Coffee JR.Liquidity versus Control:The Institutional Investor as Corporate Monitor[J].Columbia Law Review,1991(6):1277-1368.
[11]Barnard JW.Who is Minding Your Business?Preliminary Observations on Data and Anecdotes Collected on the Role of Institutional Investors in Corporate Governance[J].Hofstra LaborLJ,1992.
[12]Smith M.Shareholder Activism by Institutional Investors:Evidence From CalPERS[J].Journal of Finance,1996:227-252.
[13]Mitsuru Mizuno.Institutilonal Investors,Corpopate Governance and Firm Performance in Japan[J].Pacific Economic Review,2010(5),653-665.
[14]刘星,吴先聪.机构投资者异质性、企业产权与公司绩效——基于股权分置改革前后的比较分析[J].中国管理科学,2011(5):182-192.
[15]Gillan,Stuart,Laura Starks.The Evolution of Shareholder Activism in the United States[J].Journal of Applied Corporate Finance.2007(1),55-73.
[16]潘爱玲,潘清.机构投资者持股对公司业绩的影响分析——基于2009-2011年沪深上市公司的实证检验[J].亚太经济,2013(3):101-104.
[17]黄雅静.机构投资者持股对上市公司绩效的影响研究[D].上海:东华大学,2014.
[18]解维敏.社保基金持股对公司绩效的影响研究——基于中国上市公司的经验证据[J].价格理论与实践,2013(2):85-86.
[19]信恒占.机构投资者异质性、持股持续期与公司业绩[J].山西财经大学学报,2017(4):112-124.
[20]Paul Borochin,Jie Yang.The Effects of Institutional Investor Objectives on Firm Valuation and Governance[J].Journal of Financial Economics,2017,(126):171-199
[21]刘京军,徐浩萍.机构投资者:长期投资者还是短期机会主义者?[J].金融研究,2012(9):141-154.
[22]李涛.机构投资者异质性、股权制衡与公司绩效[D].成都:西南财经大学,2013.
[23]王奇波.机构投资者参与的股权制衡研究[J].东北财经大学学报,2006(1):32-35.
[24]石美娟,童卫华.机构投资者提升公司价值吗?——来自后股改时期的经验证据[J].金融研究,2009(10):150-161.
[25]信恒占.机构投资者异质性、持股持续期与公司业绩[J].山西财经大学学报,2017(4):112-124.
[26]南晓莉,刘井建.机构投资者持股特征对IPOs长期绩效影响的实证研究[J].华东经济管理,2014(10):37-42.
[27]夏宁,李民.机构投资者持股对企业绩效影响的实证研究[J].经济与管理评论,2014(6):68-75.
[28]刘子兰,肖楚女,甘顺利.养老基金持股与公司绩效[J].社会科学,2018(2):49-61.
[2]张涤新,李忠海.机构投资者对其持股公司绩效的影响研究——基于机构投资者自我保护的视角[J].管理科学学报,2017(5):82-101.
[3]李维安,李滨.机构投资者介入公司治理效果的实证研究——基于CCGI～(NK)的经验研究[J].南开管理评论,2008(1):4-14.
[4]钱露.机构投资者持股与公司绩效关系研究——基于中国A股上市公司的证据[J].经济学动态,2010(1):60-63.
[5]Prasad S.Bhattacharya,Michael A.Graham.On Institutional Ownership and Firm Performance:A disaggregated view[J].Journal of Multinational Financial Management,2009(19):370-394.
[6]朱亮,许庆高.机构投资者异质性、高管薪酬与公司业绩[J].财会通讯,2017(12):31-35.
[7]刘永泽,唐大鹏.社保基金持股信息的市场反应——基于中国资本市场数据[J].审计与经济研究,2011(5):3-13.
[8]张先治,贾兴飞.社保基金持股对公司价值的影响研究——基于持股特征异质性的视角[J].财经问题研究,2014(5):45-52.
[9]凌士显.社保基金持股:价值选择还是价值创造——基于持股异质性视角[J].南方金融,2016(10):53-60.
[10]Coffee JR.Liquidity versus Control:The Institutional Investor as Corporate Monitor[J].Columbia Law Review,1991(6):1277-1368.
[11]Barnard JW.Who is Minding Your Business?Preliminary Observations on Data and Anecdotes Collected on the Role of Institutional Investors in Corporate Governance[J].Hofstra LaborLJ,1992.
[12]Smith M.Shareholder Activism by Institutional Investors:Evidence From CalPERS[J].Journal of Finance,1996:227-252.
[13]Mitsuru Mizuno.Institutilonal Investors,Corpopate Governance and Firm Performance in Japan[J].Pacific Economic Review,2010(5),653-665.
[14]刘星,吴先聪.机构投资者异质性、企业产权与公司绩效——基于股权分置改革前后的比较分析[J].中国管理科学,2011(5):182-192.
[15]Gillan,Stuart,Laura Starks.The Evolution of Shareholder Activism in the United States[J].Journal of Applied Corporate Finance.2007(1),55-73.
[16]潘爱玲,潘清.机构投资者持股对公司业绩的影响分析——基于2009-2011年沪深上市公司的实证检验[J].亚太经济,2013(3):101-104.
[17]黄雅静.机构投资者持股对上市公司绩效的影响研究[D].上海:东华大学,2014.
[18]解维敏.社保基金持股对公司绩效的影响研究——基于中国上市公司的经验证据[J].价格理论与实践,2013(2):85-86.
[19]信恒占.机构投资者异质性、持股持续期与公司业绩[J].山西财经大学学报,2017(4):112-124.
[20]Paul Borochin,Jie Yang.The Effects of Institutional Investor Objectives on Firm Valuation and Governance[J].Journal of Financial Economics,2017,(126):171-199
[21]刘京军,徐浩萍.机构投资者:长期投资者还是短期机会主义者?[J].金融研究,2012(9):141-154.
[22]李涛.机构投资者异质性、股权制衡与公司绩效[D].成都:西南财经大学,2013.
[23]王奇波.机构投资者参与的股权制衡研究[J].东北财经大学学报,2006(1):32-35.
[24]石美娟,童卫华.机构投资者提升公司价值吗?——来自后股改时期的经验证据[J].金融研究,2009(10):150-161.
[25]信恒占.机构投资者异质性、持股持续期与公司业绩[J].山西财经大学学报,2017(4):112-124.
[26]南晓莉,刘井建.机构投资者持股特征对IPOs长期绩效影响的实证研究[J].华东经济管理,2014(10):37-42.
[27]夏宁,李民.机构投资者持股对企业绩效影响的实证研究[J].经济与管理评论,2014(6):68-75.
[28]刘子兰,肖楚女,甘顺利.养老基金持股与公司绩效[J].社会科学,2018(2):49-61.