Abstract
As a long term strategic investor which had special preference on safety, China's national social security fund (NSSF) invested listed corporations through the form of investment portfolio, which operated by professional investment manager. The author made an empirical study based on 2007 annual reports of 842 A share listed corporations in Shanghai stock exchange. There were 22 investment portfolios and 10 investment managers involved. Result showed NSSF appeared on annual reports (2007) of 62 A share listed corporations. Result also showed that the listed corporations invested by NSSF were distributed over 17 industries and 22 regions. China's laws and regulations strictly restricted the investment proportion of national social security fund investing one enterprise out of consideration of dispersing risk. On the premise of complying with the laws, the national council had some approaches to avert the restriction of investment.
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