Can Social Security Fund Shareholding Promote Enterprises to Move from Virtual to Real?——Empirical Evidence based on Chinese Manufacturing Listed Companies
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.
social security fundsfinancial investmentphysical investmentvirtual-to-real transitioncorporate governance
NETL
NSTL
万方数据
