首页|社保基金持股与企业风险承担:过度监督还是风险治理

社保基金持股与企业风险承担:过度监督还是风险治理

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中国共产党二十大报告要求健全社保基金保值增值和安全监管体系.社保基金作为责任投资者和价值投资者,十分关注企业的投资安全,本文以2003-2021年中国A股上市公司样本数据,采用倾向得分匹配、双重差分法研究发现,社保基金显著降低持股企业的风险承担水平.通过机制分析发现,社保基金有较高的失败容忍度,抑制高管强制更换的概率,社保基金不存在过度监督,社保基金促进企业设立风险管理委员会,提高决策质量,抑制非效率投资等有损企业价值的过度风险承担,提升研发投资等增加企业价值的风险承担,进行相机治理,优化企业风险承担水平,提升企业价值.通过比较研究发现,一般机构投资者不具有风险治理作用,社保基金的风险治理作用在高科技企业和分析师关注度较高企业更强.本文研究对促进社保基金保值增值和安全,优化企业风险承担行为和质量,具有一定参考价值.
Social Security Fund Shareholding and Corporate Risk Taking:Excessive Oversight or Risk Governance
Social Security Fund(SSF)has a major mission of social security and pension insurance for the people's livelihood at the peak of China's aging population,and capital preservation and"safety"are the main objectives of SSF investment.As a long-term independent institutional investor and a top ten shareholder of corporate holdings,the SSF may play a role of"risk governance"and"excessive supervision"in the high-risk investments of en-terprises.This paper examines the impact of SSF on corporate risk-taking,and examines its mechanisms and economic consequences.Using data from Chinese listed companies from 2003-2021,the study finds that SSF significantly reduce the level of risk-taking of shareholding firms.The results of the mechanism test support the"risk governance"rather than"excessive supervision"role of SSF.First,while discouraging risk-taking that undermines firm value(inefficient investment and high leverage),SSFs promote risk-taking that enhances firm value(R&D investment).Second,SSF enhance the stickiness of executive compensation to a certain extent,reduce the sensitivity,turnover probability and frequency of mandatory executive turnover,and optimize the firm's failure tolerance.Further tests show that SSF have a positive risk-taking effect by reducing the level of corporate risk-taking,promoting the same increase in firm performance and market value.The research in this paper has some reference value for promoting the preservation and apprecia-tion of SSF and optimizing the quality of corporate risk-taking.

Social Security Fund(SSF)Corporate Risk-TakingCorporate GovernanceExcessive OversightCorporate Risk-Taking Effect

韩贺洋、杨兴全、周全、韩俊华

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南京审计大学内部审计学院 211815

石河子大学经济与管理学院 832000

宁波财经学院财富管理学院 315175

社保基金 企业风险承担 公司治理 过度监督 风险承担效应

国家自然科学基金项目国家自然科学基金项目国家社会科学基金项目

720620277237210820BJY257

2024

会计研究
中国会计学会

会计研究

CSTPCDCSSCICHSSCD北大核心
影响因子:6.346
ISSN:1003-2886
年,卷(期):2024.(1)
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