中国上市公司中小投资者权益保护评价及有效性分析

Evaluation and Effectiveness of the Protection of Rights and Interests of Medium and Small Investors in Chinese Listed Companies

加强中小投资者权益保护在中国具有更重要和更特殊的意义。但现有涉及中小投资者权益保护评价的研究存在若干问题,包括评价依据的标准偏低,评价指标不完整,指标权重的确定过于主观,数据来源缺乏可持续性,以及把公司治理与投资者权益保护的法律法规分割开来等。因此,基于中小投资者权益保护的基础理论和国际规范,同时考虑中国立法和执法情况,从知情权、决策与监督权、收益权和维权环境四个方面构建了一个综合性的中小投资者权益保护指数。实证结果显示:第一,中国上市公司中小投资者权益保护水平整体偏低,及格率只有0.16%;第二,地区、行业、所有制、上市板块对中小投资者权益保护水平存在一定的影响,但差距不大;第三,对于中小投资者最具实质意义的决策与监督权和收益权两个分项指数得分大大低于具有保障作用的知情权和维权环境两个分项指数的得分,且四个分项都没有达到及格水平,中小投资者权益保护的各个方面都需要大力提高;第四,中小投资者权益保护指数能够显著提高公司绩效,降低资产负债率、代理成本和股价崩盘风险,抑制管理层盈余管理行为。

It is of great significance to protect the rights and interests of medium and small investors in China. However, there are some problems with current researches on the evaluation in this regard, such as low standard of the evaluation criteria, inadequate evaluation index, subjective determination of index weight, inconsistent data, and separation of the laws and regulation regarding corporate governance from those concerning protection of investors＇ rights and interest. In light of the basic theories and international norms about protecting rights and interests of medium and small investors, and the legislation and enforcement in China, the author builds a comprehensive index for the protection of rights and interests of medium and small investor from four aspects： the right to know, right to decide and supervise, profitable rights, and rights protection environment. The empirical results show as follows： Firstly, in the main, the rights and interests of medium and small investors are not well protected in China, with the passing rate being only 0.16%. Secondly, factors like geography, industry, ownership, listed plates have impact on protection of rights and interests of medium and small investors, but the influence is little. Thirdly, the scores on profitable right and the right to decide and supervise are much lower than the scores on the right to know and the right protection environment, and none of them reach the passing grade. Great efforts should be made in the four aspects. Fourthly, the protection index can significantly improve corporate performance, reduce liabilities rate, agency cost, collapse in share prices, and restrain earning management of the management.