中小股东行权与股票流动性——基于投服中心行权的证据
Minority Shareholder Vesting and Stock Liquidity—Evidence Based on Vesting by Investment Service Center

本文以中证中小投资者服务中心有限责任公司的成立为背景，研究投服中心行权对股票流动性的影响。由于大股东与中小股东之间的代理问题，使得大股东能够侵害中小股东的利益，而专门针对中小投资者保护的投服中心代表中小股东行权，保护其利益。本文研究发现，投服中心行权能显著提高股票的流动性；投服中心行权提高股票流动性的影响在信息环境更差和公司治理更差的公司更为显著；在更换了股票流动性的衡量方式后，仍然发现投服中心行权会显著提高股票流动性。本文的贡献如下：本文丰富了关于股票流动性的相关研究，增加了关于投服中心的文献，证明了投服中心可以保护中小投资者，通过对公司行权使得利益不受大股东侵害。
This paper studies the influence of vesting on stock liquidity based on the establishment of the China Securities Service Center for small and medium investors. Because of the agency problem between the major shareholders and the minority shareholders, the major shareholders can infringe on the interests of the minority shareholders, and the investment service center especially for the protection of the minority investors acts on behalf of the minority shareholders to protect their interests. This paper finds that the investment service center can significantly improve stock liquidity; the effect of vesting on stock liquidity is more significant in companies with poorer information en-vironment and corporate governance; after changing the measurement method of stock liquidity, it is still found that the vesting of investment service center will significantly improve stock liquidity. The contributions of this paper are as follows: this paper enriched the relevant research on stock liquidity and increased the literature on investment service centers, proving that investment services center can protect small and medium investors and protect their interests from infringement by major shareholders by exercising the rights of the company.