股东积极主义的历史演进及其动因分析

History Evolution of Shareholder Activism and Its Cause Analysis

到20世纪90年代,“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。基于机构股东积极主义的历史演进过程,分析了机构投资者积极参与公司治理的根本动因和推动因素,并根据股数效应和公司数效应所揭示的公司治理收益和治理成本之间的关系,建立机构投资者的收益函数,运用经济博弈论进一步讨论了激励机构投资者积极参与公司治理的条件。同时根据分析结果,提出了进一步推动我国机构投资者积极参与公司治理的政策建议。

In 1990, Shareholder Activism has developed into an important characteristic of western securities market. According to historical evolution process of shareholder activism, basic motive power factor of institutional investor actively participating in corporate governance is analysized. And according to the relationship of corporate governance income and cost revealed by the effect on quantity of share and company, the income function of institutional investor is established and condition of encouraging is further discussed by applying economy game theory. Meanwhile, according to the result, suggestions have been put forward.