摘要
本文利用中国A股上市公司2006-2015年的数据,研究社保基金持股对上市公司盈余质量的影响。我们用上市公司财务重述作为测度盈余质量的指标,发现社保基金持股能够显著降低企业发布财务重述的概率,这表明社保基金对上市公司盈余质量的提高具有促进作用。并且,社保基金的这一治理作用在国有企业、内部治理水平较差以及市场化程度较低地区的上市公司中更加显著。通过双重差分模型和安慰剂检验等方法弱化了内生性问题之后,以上结论依然成立,说明社保基金持股和盈余质量提升之间存在因果关系,我们称之为社保基金的公司治理作用。进一步研究发现,社保基金可以通过抑制控股股东资金占用、增加机构调研次数等途径提升被持股公司的盈余质量。本文有助于认识和评估社保基金持股对于上市公司的监督与治理作用。
Using the data set of listed firms from 2006 to 2015 in China,this research examines the impact of Social Security Fund（ SSF） on Corporate China＇s earnings quality. We use financial restatement as a direct measure of bad earnings quality. Overall,we find that being held by SSF is associated with less financial restatements and credit it to increased corporate earnings quality. This effect is more pronounced in state-owned enterprises,firms with weaker corporate governance practice and firms from regions with less developed markets mechanism. After controlling for possible endogeneity issues with a difference-in-differences approach and some placebo tests,the above results still hold robust. We further find that a less occupation of fund and more institutions＇ site visits are among possible underlying channels through which Social Security Fund affects corporate earnings quality and thus firms＇ financial restatement. This research has obvious yet important policy implications,which calls for the monitoring from more powerful large minority shareholders,including China＇s Social Security Fund,to increase the governance standard for China＇s listed firms.
作者
李春涛
薛原
惠丽丽
LI Chuntao;XUE Yuan;HUI Lili(School of Management,Huazhong University of Science and Technolog;School of Management,Wuhan University of Technolog)
出处
《金融研究》
CSSCI
北大核心
2018年第7期124-142,共19页
Journal of Financial Research
基金
国家自然科学基金(批准号：71503275)
中央高校基本科研业务费专项资金(批准号：2018VI069)
产业升级与区域金融湖北省协同创新中心对本研究的资助
关键词
社保基金
盈余质量
财务重述
双重差分
安慰剂检验
Social Security Fund
Earnings Quality
Financial Restatement
Difference- in -Differences
Placebo test
