Abstract: This paper takes Chinese A-share listed companies from 2009 to 2019 as a sample to examine the impact of social security fund shareholding on enterprises financialization. The findings of the research are as follows: The shareholding of social security fund inhibits enterprises financialization; The inhibitory effect of social security fund shareholding on enterprises financialization is more obvious in state-owned enterprises, regions with higher marketization level, enterprises with lower operating returns and enterprises with lower cash holdings; The shareholding of social security fund can reduce the level of enterprises financialization by improving the level of enterprises' entity asset investment or increasing the analyst tracking. This paper suggests that we should gradually expand the scale of social security fund entering the market, appropriately relax the restrictions on the investment and the operation of social security fund, and fully release the potential of social security fund in stabilizing the capital market and promoting the governance of listed companies.

Key words: Social Security Fund Shareholding, Enterprise Financialization, Institutional Investors, Corporate Governance

摘要： 本文以2009—2019年中国A股上市公司为样本,考察了社保基金持股对企业金融化的影响。研究发现:社保基金持股会抑制企业金融化;社保基金持股对企业金融化的抑制作用在市场化水平较高的地区、国有企业、经营收益率较低以及现金持有量较低的企业中更为明显;社保基金持股可通过提高企业实体资产投资水平或增加分析师跟踪,降低企业金融化水平。本文建议,应逐步扩大社保基金的入市规模,适当放宽社保基金投资运营的各项限制,充分释放社保基金在稳定资本市场与促进上市公司治理方面的潜力。

关键词: 社保基金持股, 企业金融化, 机构投资者, 公司治理