社保基金持股期限与投资效率

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-01-16 DOI:10.1016/j.pacfin.2025.102675

Yuying Liu, Yue-Rong Li

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引用次数: 0

摘要

本文研究了2012 - 2022年中国社会保障基金持股年限对企业投资效率的影响。实证结果表明，社保基金持股时间越长，对企业投资效率有显著的正向影响。投资效率的提升表现出区域异质性。我们还发现，社会保障基金持股的稳定性和持久性有助于这些改善。机制分析表明，延长社保基金持股期限可以降低代理成本、缓解管理短视、提升企业声誉，从而通过内外部渠道提高投资效率。我们的研究结果为政策制定者、机构投资者和企业认识到社会保障基金的作用并优化投资结果提供了指导。

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The duration of Social Security Fund shareholding and investment efficiency

We investigate the impact of Social Security Fund shareholding duration on corporate investment efficiency in China from 2012 to 2022. The empirical results indicate that a longer duration of Social Security Fund shareholding has a significantly positive impact on corporate investment efficiency. The enhancements in investment efficiency exhibit regional heterogeneity. We also find that the stability and persistence of Social Security Fund shareholding contribute to these improvements. Mechanism analysis reveals that longer Social Security Fund shareholding duration improves investment efficiency through internal and external channels by reducing agency costs, mitigating managerial myopia, and enhancing corporate reputation. Our findings provide guidance for policy-makers, institutional investors, and companies in recognizing the role of the Social Security Fund and optimizing investment outcomes.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.