社保基金持股的价值创造能力研究
首发时间:2019-04-30
摘要:社保基金作为我国资本市场价值投资和长期投资的倡导者,自成立以来其取得了傲人的投资收益。那么社保基金这种优秀的投资能力,是否源自于其具备较强的价值创造能力呢?本文通过固定效应模型和工具变量法对社保基金持股变动对上市公司业绩改善的影响进行实证分析,并进一步对社保基金价值创造能力的实现机制进行检验。本文的研究表明:(1)社保基金具备提升上市公司内在价值的能力,但这种能力具有一定的滞后性且不强。(2)社保基金提升上市公司内在价值的能力具有一定的偏向性,其表现为社保基金持股变动对代表公司业绩效率的总资产净利率有显著正向影响,但对代表公司业绩规模的每股收益不存在显著影响。(3)社保基金提升上市公司内在价值的能力是通过增强上市公司治理成效来实现的。
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Study on the Value Creation Ability of Social Security Fund
Abstract:As an advocate of China's capital market value investment and long-term investment, the Social Security Fund has achieved proud investment income since its establishment. So does the excellent investment ability of the social security fund stem from its strong value creation ability? This paper empirically analyzes the impact of changes in the shareholding of social security funds on the performance improvement of listed companies through the fixed effect model and the instrumental variable method, and further tests the realization fund of the value creation ability of social security funds. The research in this paper shows that: (1) The social security fund has the ability to enhance the intrinsic value of the listed company, but this ability has a certain lag and is not strong. (2) The ability of the social security fund to enhance the intrinsic value of the listed company has a certain bias. The social security fund shareholding has a significant positive impact on the company's performance efficiency,but not scale . (3) The ability of social security funds to enhance the intrinsic value of listed companies is achieved by enhancing the effectiveness of the companies' governance.
Keywords: Western economics social security fund value creation
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