中小投资者保护制度创新与上市公司非效率投资缓解——基于投服中心持股行权的证据  

Institutional Innovation in the Protection of Minority Shareholders and the Alleviation of Inefficient Investments by Listed Companies:Evidence from the Exercise of China Securities Investor Services Center

作　　者：袁明硕 魏成龙 Yuan Mingshuo;Wei Chenglong

机构地区：[1]北京师范大学政府管理学院,北京100080

出　　处：《证券市场导报》2024年第8期37-47,共11页Securities Market Herald

基　　金：国家社会科学基金重点项目“中国机构投资者异化行为与监管政策研究”(编号:19AGL012)。

摘　　要：中证中小投资者服务中心持股行权是我国中小投资者保护领域有为政府和有效市场相结合的一项重要制度创新。本文以2013—2022年沪深A股非金融类上市公司为研究对象,手工整理投服中心持股行权数据,考察了投服中心持股行权对上市公司非效率投资问题的治理效应。研究发现,投服中心持股行权能够有效降低上市公司非效率投资程度,在经过一系列稳健性检验后结论依然成立。机制检验结果表明,这一治理效应是通过发挥威慑作用、公司治理作用和信息治理作用实现的。进一步研究发现,当投服中心采用网上行权方式、应对过度投资问题和对非国有企业或两职分离公司持股行权时,治理效应更为显著。本文丰富了中小投资者保护和非效率投资的相关研究,对促进上市公司高质量发展和加强上市公司监管具有重要启示。The exercise of China Securities Investor Services Center(ISC)is an important institutional innovation that combines proactive government intervention with efficient market mechanisms in the field of protecting minority shareholders in China.In this study,we take A-share non-financial companies listed on the Shanghai and Shenzhen Stock Exchanges from 2013 to 2022 as the research object,manually collect the data of ISC’s exercises,and examine the governance effect of the exercise of ISC on the issue of inefficient investments by listed companies.We find that the exercise of ISC can significantly reduce the degree of inefficient investments by listed companies and the conclusion is still valid after a series of robustness tests.The mechanism test shows that the governance effect of the exercise of ISC is achieved through the roles of deterrence,corporate governance,and information governance.Further research shows that the governance effect is more significant when ISC uses the online exercise method,addresses over-investment issues,and exercises over non-state-owned companies or companies with two-position separation.The paper enriches the related research on the protection of minority shareholders and inefficient investments,providing important implications for promoting the high-quality development of listed companies and strengthening the supervision of listed companies.

关 键 词：中小投资者保护 投服中心持股行权 非效率投资 制度创新 

分 类 号：F832.51[经济管理—金融学]