百股义士:投服中心行权与中小投资者保护--基于投服中心参与股东大会的研究

Hundred-equity righteous:The role of the Investor Service Center in protecting minority investors

2014年证监会牵头成立中证中小投资者服务中心,是我国资本市场投资者保护的重大制度创新.研究投服中心对中小投资者保护的切实所用在理论和实践层面具有重大意义,鉴于此,本文使用手工整理的投服中心数据,系统分析投服中心的行权方式和运行规律,以及投服中心持股行权在中小投资者保护中的作用.研究结果显示:1)投服中心倾向关注财务状况较差、内部治理质量低、大股东和内部人控制程度低的民营企业;2)投服中心持股行权能够降低大股东和中小投资者间的信息不对称,且带动更多的中小投资者积极参与公司治理;3)投服中心关注某上市公司的公告能引起显著的市场反应,体现为被关注的公司受到更低的累计市场异常回报率.上述结果表明投服中心持股行权能够显著提高中小投资者保护,本研究首次系统地检验了投服中心持股行权的影响因素和经济后果,丰富了中小投资者保护的相关研究,对相关政策制定者未来的政策研究与制定提供参考.

In 2014,the China Securities Regulatory Commission set up the CSI minority the Investor Service Center,which is a major institutional innovation in corporate governance and investor protection in China's capital market.This paper uses hand-collected data from the Investor Service Center to examine if the operation of the center can effectively improve the protection of the minority investors.The following results are found.1)The Investor Service Center is more inclined to focus on privately-controlled enterprises with poor nancial status and low corporate governance.2)The participation of the center in the shareholder meeting of the listed company led more minority shareholders to actively participate in corporate governance,accompanied by a higher veto rate;this positive influence is more pronounced when firms have low accounting information quality.3)The announcement by the center to pay attention to the announcement of a listed company causes significant market reactions,and the company's accumulated market abnormal return during the event period is significantly lower than other companies that are not concerned.Findings of this study contribute to the research on the protection of minority investors,and also provide relevant policy makers with potential future work plan for the Investor Service Center.