本文選題：先行賠付 + 風(fēng)險(xiǎn)偏好�。� 參考：《中國(guó)工業(yè)經(jīng)濟(jì)》2017年02期

【摘要】：2013年5月10日,平安證券開創(chuàng)了"先行賠付"的先例,即在行政處罰程序尚未終結(jié)并且未被起訴的情況下,出資3億元設(shè)立賠償基金先行賠付投資者。雖然"先行賠付"為投資者利益保護(hù)提供了新的途徑,得到了監(jiān)管方的贊同并加以推廣,但投資者對(duì)"先行賠付"的態(tài)度尚不明確。本文利用市場(chǎng)反應(yīng)考察投資者對(duì)于"先行賠付"的認(rèn)同程度,并比較了不同投資者類型和投資行為特征是否影響"先行賠付"的認(rèn)同程度。研究表明,"先行賠付"從整體上得到了投資者的認(rèn)同,但中小投資者對(duì)"先行賠付"表現(xiàn)出顯著負(fù)面的反應(yīng),這與理論預(yù)期截然相反。進(jìn)一步的研究表明,這主要是由于中小投資者對(duì)于風(fēng)險(xiǎn)的偏好與"先行賠付"降低風(fēng)險(xiǎn)的效應(yīng)產(chǎn)生沖突所致。從投資行為特征看,長(zhǎng)期持股的投資者對(duì)于"先行賠付"的認(rèn)同程度更高。本文的研究結(jié)論表明,在中國(guó)投資者保護(hù)法律尚不完善的情況下,通過強(qiáng)化中介機(jī)構(gòu)問責(zé)機(jī)制來提高投資者保護(hù)水平,能夠得到投資者的認(rèn)可。但是,現(xiàn)有投資者保護(hù)制度對(duì)于不同類型投資者的風(fēng)險(xiǎn)偏好判斷可能存在偏差。為進(jìn)一步發(fā)揮"先行賠付"的作用,監(jiān)管方應(yīng)在制度建設(shè)的同時(shí),開展投資者教育,降低投資行為的非理性程度。
[Abstract]:On May 10, 2013, Ping an Securities set a precedent of "advance compensation", that is, if the administrative penalty procedure has not yet been completed and has not been prosecuted, it will contribute 300 million yuan to set up a compensation fund in advance to compensate investors. Although "advance indemnity" provides a new way to protect the interests of investors, has been approved and promoted by regulators, but the attitude of investors to "advance payment" is not clear. This paper makes use of market reaction to investigate the degree of recognition of "advance payment" by investors, and compares whether different types of investors and characteristics of investment behavior influence the degree of recognition of "advance payment". The research shows that the "advance payment" has been accepted by the investors as a whole, but the small and medium-sized investors have shown a significant negative reaction to the "advance payment", which is contrary to the theoretical expectation. Further research shows that this is mainly due to the conflict between the risk preference of the small and medium-sized investors and the effect of reducing the risk by "prepayment". According to the characteristics of investment behavior, investors holding long-term shares have a higher degree of recognition of "advance compensation". The conclusion of this paper shows that under the condition that the law of investor protection in China is not perfect, the level of investor protection can be improved by strengthening the accountability mechanism of intermediary institutions, which can be recognized by investors. However, the existing investor protection system may deviate from the risk preference judgment of different types of investors. In order to further play the role of "compensation in advance", the supervisor should carry out investor education and reduce the irrational degree of investment behavior while establishing the system.
【作者單位】： 東北財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué);東北財(cái)經(jīng)大學(xué)中國(guó)內(nèi)部控制研究中心;
【基金】：國(guó)家自然科學(xué)基金青年項(xiàng)目“規(guī)避行為對(duì)量化監(jiān)管有效性的影響”(批準(zhǔn)號(hào)71202039) 遼寧省高等學(xué)校杰出青年學(xué)者成長(zhǎng)計(jì)劃“保薦人聲譽(yù)機(jī)制研究”(批準(zhǔn)號(hào)WJQ2014038)
【分類號(hào)】：D922.287;F832.51

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