We investigate the corporate governance effect of social security fund, and explore the ways through which social security affects firm performance This paper finds that: the shareholding ratio of social security funds is positively related to the performance level of companies; the shareholding ratio of social security funds is significantly and positively related to the management compensation of listed companies; and the shareholding ratio of social security funds positively affects the quality of information disclosure of invested listed companies. Our findings provides timely practical implication to regulators concerned with the development of institutional investors.

中文翻译：

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论社会保障基金的公司治理效应

考察社保基金公司治理效应，探索社保影响企业绩效的途径本文发现：社保基金持股比例与企业绩效水平正相关；社保基金持股比例与上市公司管理层薪酬显着正相关；社保基金持股比例正向影响被投资上市公司信息披露质量。我们的研究结果为关注机构投资者发展的监管机构提供了及时的实践启示。