Abstract
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.
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