The national social security fund is the focus on social security strategic reserves of the central government, is mainly used to meet the ageing peak period of the social security need in the future. Since establishe...The national social security fund is the focus on social security strategic reserves of the central government, is mainly used to meet the ageing peak period of the social security need in the future. Since established in 2000, the national social security fund, as of December 31, 2010, the national social security fund council management total scale of 856.8 billion yuan of funds, social security fund investment gains made great achievements. But we can still see a lot of problems in the social security fund investment operation continues to improve we need to carefully study. It is as a breakthrough point, this paper adopts the method of literature research, comparison research and inductive analysis by summing up the national social security fund investment and successful experience, this paper analyzes the reasons of its historical losses, and learn from foreign experience, put forward in the next five to 10 years the social security fund investment direction and investment strategies, ensure the social security fund the value.展开更多
This paper makes use of statistical tools of parameter correlation, multi-parameter regression, and does experimental analysis on issues of risk diversification of portfolios entrusted by National Social Security Fund...This paper makes use of statistical tools of parameter correlation, multi-parameter regression, and does experimental analysis on issues of risk diversification of portfolios entrusted by National Social Security Fund (NSSF). The issues are industry related investment fields distribution, the trend of capitalization movement, and investment style factors in stock selection. The results show that there are risk problems with portfolios entrusted by NSSF, which include similar investment fields distribution trend, little difference among portfolios, and high risk preference degree.展开更多
Since 2001, China has witnessed several scandals involving embezzlement and inappropriate use of social security funds. A scare occurring in Shanghai in 2006 and a report by the China National Audit Office on social s...Since 2001, China has witnessed several scandals involving embezzlement and inappropriate use of social security funds. A scare occurring in Shanghai in 2006 and a report by the China National Audit Office on social security funds have brought the issue of supervision and legislation of social security funds into the spotlight, attracting wide attention from the public.展开更多
At its 19th National Congress,the Communist Party of China vowed to“strengthen the financial sector’s ability to serve the real economy.”However,many studies provide evidence of the opposite trend,a problematic“tr...At its 19th National Congress,the Communist Party of China vowed to“strengthen the financial sector’s ability to serve the real economy.”However,many studies provide evidence of the opposite trend,a problematic“transition from the real to the virtual,”among Chinese enterprises.Meanwhile,the investment efficiency of China’s Social Security Fund(SSF),a public fund,attracts much attention.In this context,we use A-share listed companies in China from2009 to 2018 to study the relationship between holding by the SSF and enterprise financialization.We find that SSF holding significantly inhibits financialization and that this effect is non-linear.Mechanism analysis indicates that SSF holding suppresses enterprises’financialization mainly by improving their governance.Moreover,SSF holding more strongly inhibits small-scale(vs.large-scale),state-owned(vs.non-state-owned),and non-eastern(vs.eastern)enterprises in China.Furthermore,SSF holding can alleviate corporate value impairment caused by financialization.The conclusions enrich theoretical research and provide empirical evidence that may help regulatory authorities to guide investment by enterprises and prevent financial risks.展开更多
文摘The national social security fund is the focus on social security strategic reserves of the central government, is mainly used to meet the ageing peak period of the social security need in the future. Since established in 2000, the national social security fund, as of December 31, 2010, the national social security fund council management total scale of 856.8 billion yuan of funds, social security fund investment gains made great achievements. But we can still see a lot of problems in the social security fund investment operation continues to improve we need to carefully study. It is as a breakthrough point, this paper adopts the method of literature research, comparison research and inductive analysis by summing up the national social security fund investment and successful experience, this paper analyzes the reasons of its historical losses, and learn from foreign experience, put forward in the next five to 10 years the social security fund investment direction and investment strategies, ensure the social security fund the value.
文摘This paper makes use of statistical tools of parameter correlation, multi-parameter regression, and does experimental analysis on issues of risk diversification of portfolios entrusted by National Social Security Fund (NSSF). The issues are industry related investment fields distribution, the trend of capitalization movement, and investment style factors in stock selection. The results show that there are risk problems with portfolios entrusted by NSSF, which include similar investment fields distribution trend, little difference among portfolios, and high risk preference degree.
文摘Since 2001, China has witnessed several scandals involving embezzlement and inappropriate use of social security funds. A scare occurring in Shanghai in 2006 and a report by the China National Audit Office on social security funds have brought the issue of supervision and legislation of social security funds into the spotlight, attracting wide attention from the public.
基金financial support from the Ministry of Education Humanities and Social Sciences Research Project(No.15YJC790095)the Natural Science Foundation of China(No.71602022,71872040)the National Social Science Foundation of China(No.18BG1062,19ZDA097)
文摘At its 19th National Congress,the Communist Party of China vowed to“strengthen the financial sector’s ability to serve the real economy.”However,many studies provide evidence of the opposite trend,a problematic“transition from the real to the virtual,”among Chinese enterprises.Meanwhile,the investment efficiency of China’s Social Security Fund(SSF),a public fund,attracts much attention.In this context,we use A-share listed companies in China from2009 to 2018 to study the relationship between holding by the SSF and enterprise financialization.We find that SSF holding significantly inhibits financialization and that this effect is non-linear.Mechanism analysis indicates that SSF holding suppresses enterprises’financialization mainly by improving their governance.Moreover,SSF holding more strongly inhibits small-scale(vs.large-scale),state-owned(vs.non-state-owned),and non-eastern(vs.eastern)enterprises in China.Furthermore,SSF holding can alleviate corporate value impairment caused by financialization.The conclusions enrich theoretical research and provide empirical evidence that may help regulatory authorities to guide investment by enterprises and prevent financial risks.
