投资者关注与投资者权益保护:定向增发视角研究评述

Investor Attention and Protection of Investors’Rights and Interests:A Commentary Review of Research from Perspective of Private Placement

上市公司股票定价是定向增发的核心,对中小投资者权益影响较大。在定向增发过程中存在着上市公司大股东锁定较低发行价格的自利行为以及投资者非理性情绪推动股票价格的大幅涨跌,使其权益遭受损失的现象。如何保护投资者权益?本文基于投资者关注这一视角,分别围绕投资者关注的分类与度量、投资者关注与资产定价、定向增发一级市场定价效率与权益保护、定向增发折价问题成因与权益保护四个方面对国内外文献进行梳理与分析,并针对现有不足提出未来研究方向与重要议题。

Stock pricing of listed companies lies at the core of private placement,which hasgreat impacts on the rights and interests of small and medium-sized investors.In the process of private placement,major shareholdersof listed companies may lock in thelow issuing price for their own interests,and theinvestors’irrational emotions may cause sharp fluctuations inthe stock price,resulting in their rights and interests sufferinglosses.How to protect the rightsand interests of investors?From the perspective ofinvestor attention,this article sorts out and analyzesliteratures at home and abroad from four aspects,namelyclassification and measurement ofinvestorattention,investor attention and asset pricing,pricing efficiencyand protection of the rights and interestsof private placementprimary market,and the causes and protection of the rights and interests of the private placementunderpricing.Then,based on the presentdeficiencies,it proposesfuture research directions and important issues.