论机构投资者在公司治理中角色的定位及政策建议

在研究公司治理和资本市场发展时,机构投资者的作用越来越受到重视,随着机构投资者所持有公司股份的不断上升,他们开始积极参与公司治理.但是,不同类型的机构投资者所持有公司的股权比例、监督成本以及风险偏好等存在较大的差异,因而他们在公司治理活动中的表现也将截然不同.正是基于此,本文通过对机构投资者积极参与公司治理进行数理模型的一般分析,分析了机构投资者是否积极参与公司治理的条件机构投资者持有公司的股权比例、监督成本、风险偏好.结论表明,上述三个因素的变动影响着机构投资者是否进行监督及其监督的临界值.本文对机构投资者积极参与我国上市公司治理进行了适用性分析,并提出一些政策性建议.

Talking about the Role's Localization in Corporate Governance for Institutional Investors and Suggestions

When studying the development of capital market corporate governance,more and more attention has been paid to the area of functions of institutionalinvestors attention to, With institutional investors holding rising shares, they beginto participate in corporate governance actively. But stock proportions, supervisingcost and risk preference for different kinds of institutional investors have quitedifference ,thus their behaviors in corporate governance will be completely different.Just because of this, this article uses a simple mathematical and economic modelto analyze differences.The conclusions indicate that changes of three above-mentioned factors may influence the critical value of whether institutional investorssupervise or not. At last, this text gives some suggestions for institutional investorsto take part in our listed corporations.