CSISC and Investor Protection: Evidences from Information Disclosure

Abstract

Abstract: Strengthening investor protection is the important foundation for supporting sustainable and quality development of the capital market. The China Securities Regulatory Commission (CSRC) led the establishment of the China Security Investor Services Center (CSISC) in 2014, which is a major institutional innovation to strengthen investor protection in China’s capital market. By making use of the data of A-share listed companies from the first quarter of 2015 to the first quarter of 2017 and employing a DID model, this paper empirically tests the impact of CSISC’s shareholding on corporate information disclosure. The research results show that the CSISC’s shareholding is helpful to lower the level of accrual-based earnings management of enterprises. In the companies with lower executive share holdings or the companies audited by firms without industry specializations, the supervisory role of CSISC is more remarkable. The findings of further analysis show that the shareholding of CSISC also helps to restrain the earnings manipulation behaviors of enterprises based on real activities. The above conclusion indicates that the shareholding of CSISC can help to improve the information disclosure quality of listed companies and further enhance the level of protection of the medium and small investors.

Key words: CSISC, investor protect, information disclosure, earnings management

CLC Number:

F830.91

XIONG Jia-cai, TONG Da-ming. CSISC and Investor Protection: Evidences from Information Disclosure[J]. Journal of Jiangxi University of Finance and Economics, 2022, 0(1): 32-46.

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