社保基金持股能促进企业脱虚向实吗?——基于中国制造业上市公司的经验证据

Can Social Security Fund Shareholding Promote Enterprises to Move from Virtual to Real?--Empirical Evidence based on Chinese Manufacturing Listed Companies

社保基金持股上市公司是否有助于调整企业投资结构并促进其脱虚向实发展,这不仅关系到社保基金的保值增值,也会深刻影响我国实体经济的高质量发展。本文使用2010年至2021年中国A股制造业上市公司数据,考察了社保基金持股对企业金融与实体投资的影响。结果发现,社保基金持股显著降低了企业金融投资,并提高了实体投资,促进了制造业企业脱虚向实发展,且被持股企业的内部治理完善和外部监督增强是其主要机制。该效应会因企业代理成本、产权属性和融资约束差异而存在显著不同,且其他机构投资者持股无法促进企业脱虚向实发展。

Whether the shareholding of social security funds in listed companies helps to adjust the investment structure of enterprises and promote their development from virtual to real is not only related to the value preservation and appreciation of social security funds,but also profoundly affects the high-quality development of China's economy.This paper uses data from Chinese A-share manufacturing listed companies during 2010-2021 to examine the impact of social security fund holdings on corporate financial investment and physical investment.The results show that the shareholding of social security funds significantly reduces corporate financial investment,increases physical investment,and promotes the development of manufacturing enterprises from virtual to real.The main mechanism is the improvement of internal governance and external supervision of the enterprises.This effect varies significantly due to differences in agency costs,property rights attributes and financing constraints of enterprises,and other institutional investors'shareholding cannot promote the development of enterprises from virtual to real.