社保基金持股促进了企业创新吗?--基于差异投资模式的分析

Does Social Security Fund Shareholding Promote Enterprise Innovation?--Analysis of Differential Investment Model

本文利用A股上市公司2007~2019年的数据,基于信息不对称理论实证检验了社保基金持股及其差异投资模式对企业创新的影响。研究发现,社保基金持股能对企业创新产生显著的促进作用,这种效果仅存在于委托投资模式下的社保基金中。该结论在考虑内生性等问题后依然成立。进一步研究表明:社保基金持股可以通过吸引机构投资者调研提升企业的创新水平,且市场化程度越高的地区,社保基金持股对企业创新的作用越显著。本文为社保基金发挥治理作用提升企业创新水平提供了经验证据,对于市场监管和公司治理有重要的启示意义。

Using the data set of listed companies from 2007 to 2019 in China, this research empirically tests the impact of social security fund shareholding and their differential investment models on corporate innovation based on the theory of information asymmetry. Overall, we found that social security fund shareholding can significantly promote the corporate innovation, and this effect only exists in the social security fund under the entrusted investment mode. The above results still hold robust after considering endogenous issues. The conclusions of further research are as follows: the social security fund can enhance the level of corporate innovation by attracting institutions’ site visits, and the effect is more significant in the situation of high marketization. The findings of this paper provide an empirical evidence for the social security fund to play a governance role to enhance the level of corporate innovation, and it has important policy implications for the market supervision and corporate governance.