The Impact of Social Security Investors on Corporate Debt Risk
In recent years,with the opening-up of the capital market and the high-quality economic development,China has become a financial power that attracts worldwide attention.The stability of debt risk is the key to maintaining the smooth operation of the capital market.As the main participants in the capital market,the behavior of enterprises and investors is closely monitored by the government and the market.Against the backdrop of social security reform,investors'attention to social security has increased significantly.However,most existing studies explore investor behavior in a broad sense and do not focus on institutional investors who prefer social security.This paper uses the CSMAR database and the DIB database to select listed companies in China's A-share market from 2004 to 2020 as the research object.Using the public data of fund companies holding shares of various listed companies in the A-share market,this paper extracts keywords related to social security from the"investment scope"and"investment objectives"of funds to screen out institutional investors with social security preferences,and calculate their shareholding data in listed companies.The OLS fixed effect model is used to explore the impact of the participation of institutional investors with social security preferences on the debt risk of enterprises.This paper finds that the holdings of institutional investors with a preference for medical care,pensions,and other social security can reduce the debt risk level of enterprises.This finding holds after a series of robustness tests and endogeneity tests,including replacing the dependent variable,changing the measurement of the explanatory variables and lagged variables,replacing the research sample,and using the instrumental variable method.In addition,this paper reveals that the inhibitory effect of social security investors on corporate debt risk is more significant in private enterprises,enterprises with less financing constraints,enterprises with a high proportion of female executives,and high-tech industries.This paper finds that this inhibitory effect is achieved by improving the internal control mechanism of enterprises and increasing the analyst attention through the three-step mediating effect method and the Sobel-Goodman test.This paper expands on previous studies in the following two aspects.First,this paper screens out institutional investors with social security characteristics,thus distinguishing itself from conventional social security funds.Second,previous literature mainly explores how investors'shareholdings affect stock performance and corporate governance,but this paper focuses on the field of debt risk and explores the impact of social security investors on corporate debt risk.This paper can help attract more government departments and investors to pay attention to the social security fields such as medical care and pensions,which can promote the development and optimization of social security undertakings and provide a feasible path for enterprises'debt risk management.
social securitycorporate debt riskinstitutional investorsinvestor preferencepopulation aging
万方数据
维普
