我国社保基金持股偏好研究

社保基金在证券市场上的投资表现会直接影响其运行的稳定性，由于其资金来源的特殊性，社保基金对于选择投资对象有没有明显的偏好呢？本文利用2008—2018年我国A股上市公司的数据，研究社保基金的持股偏好。研究表明，社保基金在进行投资时对于经营业绩好、风险性低、股权集中度高、估值偏低的股票具有明显的偏好。进一步研究发现，与保险公司偏好股权集中度低的股票、公募基金偏好流动性高的股票相比，社保基金更偏好股权集中度高的股票，而对于流动性高的股票并没有明显的偏好。

The Research on Stock-holding Preferences of Social Security Fund in China

The investment performance of social security funds in the stock market will directly affect the stability of their operation. Because of the particularity of its sources of funds, social security funds have a certain preference for the safety and liquidity of investment. Based on the data of A-share listed companies in China from 2008 to 2018, this paper studies the shareholding preference of social security funds. The results showed that when investing, social security funds have significant preferences for stocks with good performance, low risk, high equity concentration and low valuation. Further research finds that compared with insurance companies'' preference for stocks with low equity concentration and public funds'' preference for high liquidity stocks, social security funds prefer stocks with high equity concentration, but has no significant preference for stocks with high liquidity.