As an important institutional investor,whether the Social Security Fund(SSF)can exert governance effects on listed companies requires empirical testing.This paper uses non-financial A-share listed companies from 2007 to 2023 as samples to examine the impact of SSF holdings on corporate fraud and the underlying mechanisms.The study finds that the SSF holdings can significantly curb corporate fraud,and this conclusion remains robust after a series of robustness tests.Furthermore,the inhibitory effect of SSF holdings on corporate fraud is more pronounced in firms characterized by lower internal control quality,lower information transparency,and heightened product market competition.Mechanism tests indicate that SSF holdings primarily curb corporate fraud through governance channels and information channels.This study not only reveals the positive role of SSF holdings in improving corporate governance but also confirms the practical value of guiding the SSF into the market.
关键词
社保基金/公司违规/机构投资者/公司治理
Key words
Social Security Fund/corporate fraud/institutional investor/corporate governance
维普
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