IPO保荐机构主动担责与投资者利益保护

Indemnity Offer of IPO Sponsor and Investor's Interest Protection

2013年5月10日,平安证券开创了"先行赔付"的先例,即在行政处罚程序尚未终结并且未被起诉的情况下,出资3亿元设立赔偿基金先行赔付投资者。虽然"先行赔付"为投资者利益保护提供了新的途径,得到了监管方的赞同并加以推广,但投资者对"先行赔付"的态度尚不明确。本文利用市场反应考察投资者对于"先行赔付"的认同程度,并比较了不同投资者类型和投资行为特征是否影响"先行赔付"的认同程度。研究表明,"先行赔付"从整体上得到了投资者的认同,但中小投资者对"先行赔付"表现出显著负面的反应,这与理论预期截然相反。进一步的研究表明,这主要是由于中小投资者对于风险的偏好与"先行赔付"降低风险的效应产生冲突所致。从投资行为特征看,长期持股的投资者对于"先行赔付"的认同程度更高。本文的研究结论表明,在中国投资者保护法律尚不完善的情况下,通过强化中介机构问责机制来提高投资者保护水平,能够得到投资者的认可。但是,现有投资者保护制度对于不同类型投资者的风险偏好判断可能存在偏差。为进一步发挥"先行赔付"的作用,监管方应在制度建设的同时,开展投资者教育,降低投资行为的非理性程度。

Ping An Security Company set up a fund of 300 million to pay indemnity to investors in advance on May 10^th, 2013. However, the regulatory authority has not made the final decision on administrative punishment and there are no law suit brought up. ＂Indemnity in Advance＂ provides investors an alternative way to get their interests protected, which gains the approval and promotion from regulatory authority. However, whether investors care about the ＂Indemnity in Advance＂ is still unknown. This paper uses market reaction to examine whether investors pay attention to the ＂Indemnity in Advance＂ and whether there are differences among investors. The results show that ＂Indemnity in Advance＂ has won the approval by investors in general. But small and medium investors show significant negative reaction to the ＂Indemnity in Advance＂, which is contrary to expectation. Further studies show that this is mainly due to small and medium investors＇ preference for risk. From the view of investment behavior characteristics, long-term investors give ＂Indemnity in Advance＂ higher recognition. The conclusion shows that, when the investor protection by law is weak, strengthening the accountability of intermediary institution gains approval from investors. In order to further deepen the positive effect of ＂Indemnity in Advance＂, the regulatory authority should educate investors on risk preference and reduce the degree of irrational in investment decision.