社会保障基金的公司治理效应的研究

Corporate Governance Effect of Social Security Funds

为研究社会保障基金是否作为上市公司的公司治理的替代机制这一问题,通过以2007-2012年的上市公司为研究样本,研究社保基金持股与公司业绩之间的关系以及其是通过哪些渠道来影响公司的业绩.研究表明:在控制了控制变量后,社保基金持股参与公司治理,能够显著提高公司业绩;进一步研究表明,社保基金持股会显著增加上市公司的每股股利以及管理层薪酬,参与公司治理,并改善公司的业绩.通过Heckman两阶段回归的方法解决内生性问题后,结果保持一致.大多文献仅仅分析了社保基金对公司业绩的影响,通过增加分析社保基金参与公司治理的渠道,全面分析、研究了社保基金持股的公司治理效应,为以后学者研究社保基金的公司治理作用提供了参考依据.

The research on whether the Social Security Fund is an alternative mechanism for corporate governance is conducted by taking the listed companies in 2007- 2012 as samples,focusing on the relationship between ownership of the Social Security Fund and performance of the companies,and the channel through which the Social Security Fund influences the performance of a company. It is shown that by controlling all the control variables,participation of ownership of the Social Security Fund in the governance of the listed companies significantly improves the company performance. Further study suggests that the ownership of the Social Security Fund greatly increases the listed company＇s dividend per share as well as Executive＇s compensation by taking part in corporate governance to improve company performance. The similar conclusion is drawn by Heckman two- stage regression approach to solve endogeneity problems. While most of the previous studies only analyze the effect of the Social Security Fund on the company performance,the current comprehensive analysis on the effect of the Social Security Fund on the company governance by adding the analysis of the channels through which the Social Security Fund influences the company performance provides the reference for scholars to study the corporate governance of the Social Security Fund.