田轩：对小股东保护越好，公司的估值更高

Core Viewpoint - The 2026 Global and China Capital Market Outlook Forum highlighted the importance of strong shareholder protection and improved stock market financing channels in significantly increasing long-term R&D investment, particularly for small and medium-sized enterprises [1][8]. Group 1: Shareholder Protection - Strong shareholder protection leads to higher valuations for companies, as investors are willing to pay more for assets when they feel secure [1][15]. - Countries with better protection for minority shareholders tend to have higher company valuations [1][15]. Group 2: R&D Investment - Research indicates that robust shareholder protection and better financing channels in the stock market can significantly enhance long-term R&D investment, especially for small and medium enterprises [10][14]. - The findings suggest that regions with strong investor protection show higher sensitivity of corporate investment to project value and lower sensitivity to cash flow, indicating improved investment efficiency [14].