关键词: 社保基金 , 资本市场 , 定价效率 , 股价同步性 , 投资风险

Abstract: Using Ashare transaction data of Shanghai stock exchange and Shenzhen stock exchange in china from the first quarter of 2007 to the fourth quarter of 2013，this paper measures the pricing efficiency by the synchronicity of stock price earnings ratio with the CSI 300 index earnings ratio，and analyzes the impact of social security fund investment on the stock pricing efficiency through empirical modelStudies have shown that when the market is in bull and bear markets before and after the financial crisis，the social security fund investment had no significant effect on the stock pricing efficiency，when the market for a more stable phase，the social security fund can significantly improve the efficiency of the stock priceIt shows that the social security fund to participate in the capital market investments can improve the effectiveness of Chinas capital market

Key words: social security fund , capital market , pricing efficiency , stock price synchronicity , investment risk