机构股东积极主义博弈分析及政策建议

“股东积极主义”已经演进成为西方证券市场的一个重要特征。本文根据经济博弈论分析了机构投资者积极参与公司治理的条件。通过博弈分析表明,机构投资者积极参与公司治理的动力主要取决于成本与收益的比较,具体决定于机构投资者的持股比例、持股时间和监督成本等。同时基于博弈分析的结果,提出了提高我国机构投资者积极参与公司治理动力的政策建议。

Game Analysis on Institutional Shareholder Activism and Suggestion

"Institutional Shareholder Activism"has become an important feature in Western securities market.According to economy game,the condition of institutional investor actively participating in corporate governance is analyzed in this paper.It shows that the motive force of institutional investor actively participating in corporate governance depends on the comparison of costs and revenues,to be more specific,on the proportion of shares,the length of share-holding and supervising costs,etc.Meanwhile,suggestions are proposed based on the result of game analysis on how to raise the motive force of China's institutional investor actively participating in corporate governance.