机构投资者与公司治理

在研究公司治理时 ,机构投资者的作用越来越受到重视。本文通过建立一个简单的模型 ,分析了机构投资者参与公司治理的动机与影响因素。结论表明 ,机构投资者持有公司的股权比例、监督成本以及对公司价值的改善状况等因素的变动影响着机构投资者进行监督的临界值 ,影响着机构投资者在短期投资与长期投资之间的选择 ,并对资本市场稳定产生一定的影响。

Institutional Investors and Corporate Governance

The institutional investors are playing an important role in corporate governance. The paper presents a simple model of an institutional investor monitoring management. It examines the factors of institutional investors participating in management, such as ownership, supervising cost and improvement of corporate value. The change of these factors has an effect on investment decision of investors between a short term and a long term, the stability of capital market and other things.