摘要
本文基于中证中小投资者服务中心持股行权试点政策的实施,实证检验中小投资者法律保护如何防范公司的股价崩盘风险。研究发现,试点政策实施后试点省份上市公司的股价崩盘风险平均下降15.997%~21.833%,并证实结论是稳健可靠的。异质性分析显示,企业控股股东和中小股东之间的代理冲突越大、企业诉讼风险越高以及所在地区的市场和法治环境越好时,试点政策降低企业股价崩盘风险的作用越明显。进一步的机制检验表明,试点政策通过公司信息披露质量和治理水平两个渠道作用于股价崩盘风险。本研究为完善我国中小投资者法律保护制度,促进资本市场高质量发展,防范系统性金融风险以及维护金融稳定具有一定的实证参考价值。
This paper investigates whether and how enhanced legal protection for minority shareholders affects future stock price crash risk using the pilot policy of CSISC.We find that after the pilot policy is implemented,the stock price crash risk of listed companies in the pilot provinces tends to decrease by 15.997%to 21.833%on average and this finding is robust to alternative specifications.The reduction in stock price crash risk is more pronounced for companies with greater agency conflicts between controlling shareholders and minority shareholders,higher litigation risk,and those located in better market and legal environments.Mechanism test shows that the implementation of the policy improves the quality of information disclosure and corporate governance,thereby reducing stock price crash risk.This paper sheds new light on improving the legal protection system for minority investors in China’s capital market,ensuring high-quality development of China’s capital markets,preventing systemic financial risks and promoting financial stability.
作者
李海丽
沈哲
Li Haili;Shen Zhe
出处
《统计研究》
北大核心
2024年第3期129-139,共11页
Statistical Research
基金
国家自然科学基金重大项目“中国制度和文化背景下公司财务政策的理论与实践研究”(71790601)
国家自然科学基金面上项目“中国新股表现研究的新视角”(71572159)。
关键词
中小投资者
法律保护
股价崩盘风险
中证中小投资者服务中心
Minority Shareholders
Legal Protection
Stock Price Crash Risk
China Securities Investor Services Center(CSISC)
