每经热评 | 严打“小作文”，应成为资本市场信息治理常态

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated a crackdown on the dissemination of false information in the capital market, particularly targeting the phenomenon of "small essays" that distort market information and mislead investors [1][2][3]. Group 1: Impact of "Small Essays" - "Small essays" directly distort asset pricing and mislead investment decisions, contaminating the price discovery mechanism in the capital market [1][2]. - They erode the foundational trust in the market, as institutions that should be reliable sources of information become sources of misinformation [2]. - These false narratives provide a breeding ground for illegal activities such as insider trading and market manipulation, harming individual investors and undermining market integrity [2][3]. Group 2: Regulatory Response - The CSRC's recent announcements reflect a shift towards more detailed and penetrating regulatory practices, holding not only individual offenders accountable but also the institutions and their management [3][4]. - The CSRC has introduced 23 systematic measures aimed at creating a fairer, more transparent, and safer investment environment for small investors, emphasizing the importance of a healthy information environment for a healthy capital market [3][4]. - The regulatory approach includes enhancing institutional responsibility and leveraging technology, such as big data and artificial intelligence, to monitor and analyze market information effectively [4].