社保基金持股上市公司的股权融资偏好

Equity Financing Preference of the Listed Companies Invested by the Social Security Funds

社会保险基金的投资行为在一定程度上可反映出国家政策走向,因此,受到市场投资者的关注。而社保基金的投资信息只能通过其持股上市公司的信息公布才得以披露。这些上市公司为增加机构投资者的持股比例,提前将信息泄露给其他机构投资者,公司股价会产生一个在信息披露之前反应的超额收益,损害了中小投资者利益。

The investment behavior of social insurance fund can reflect national policy direction in some extent,therefore,is received market investors＇ attention.And investment information of social security fund only is revealed by information released of listed companies which holding it.To increase the share ratio of organization investor,those listed companies leak information to other institutional investors in advance,the company＇s share price would produce an excess earnings before the information disclosure,and hurt the interests of small investors.