中小投资者保护制度创新与资本市场定价效率提升——基于投服中心行权的证据

The Innovation of Protection System for Individual Investors and Improvement of Pricing Efficiency of Capital Market-Evidence from China Securities Investor Services Center

本文手工收集投服中心行权的数据,考察投服中心行权对资本市场定价效率的影响。研究发现,投服中心行权有助于提升资本市场定价效率。当投服中心以参加股东大会、重大资产重组媒体说明会和网上问询等方式行权时,以及投服中心行权问题和上市公司回复的信息含量越高时,投服中心行权的作用也越大。投服中心行权通过信息渠道和治理渠道来影响资本市场定价效率。本文证实了中小投资者保护制度创新对于资本市场高质量发展的积极意义。

We manually collect the data related to the exercise of China Securities Investor Services Center(ISC),and detect the influence of the exercise of ISC on the pricing efficiency.The results show that the exercise of ISC can be of great help to improve the pricing efficiency.When the exercises of ISC are through shareholders'meeting,media briefing of major assets reorganization and online inquiry exercise,or the information content of the exercise issues and company's response are higher,the role of ISC will be greater.Finally,we find that the pricing efficiency is improved through information effect and governance effect.Our findings confirm the positive significance of the innovation of the protection system for individual investors.