社保基金持股后上市公司的股权筹资偏好与盈余管理

The Equity Financing Preference and Earnings Management of Listed Companies Invested by the Social Security Funds

本文通过前期在我国资本市场做的大量实证研究发现,资本市场会提前获知社保基金持股信息,上市公司被社保基金持股后的短时间内,股价会产生超额收益;而从上市公司被社保基金持股后的较长时间看,公司的盈余管理行为明显减少。本文介绍了社保基金投资的基本情况,结合相关的理论和前期研究成果分析上市公司被持股后股权筹资偏好,重点对股权筹资偏好产生的原因及其对盈余管理的影响进行论述,提出相应的结论与对策。

According to the previous research of China＇s capital market, the author found that while a large number of listed companies have been invested by social security fund , the stock prices will have an abnormal reward with an early response, and in a long time ,the listed company＇s earnings management behavior will decrease significantly. This paper introduces the basic situation of social security funds, followed by combining the theory related to ownership and listed companies have the different corporate action in the different times, finally focuses on the behavior analysis of its causes and effects, and puts forward the conclusions and countermeasures.