公司治理中的新骑兵——机构投资者兵刃初露锋芒

The new power of the corporate governance-institutional investor

公司治理一直以来就是国内外积极探讨的话题。其中关于股权结构集中程度,国外没有任何结论证明英美分散模式和日德集中模式那一个效率更高;而我国这方面的研究基本结论大多是股权高度集中和高度分散都是低效的,因此只有大力发展机构投资者,建立适当的制衡的股权结构,才能够同时解决管理层委托代理问题和大股东的利益侵占偏好。

The corporate governance has been a hot topic all over the world.Concerning the condensity of equity-structure ,there isn t any paper which has already ascertained the superior one between the model of England & America and of Janpan & German.Many reseaches in china,however ,have drawn a conclusion that the two ends are low-efficient.So the best way is to develop the institutional investor to build a equity-structure of modest condensity.