机构投资者参与公司治理的决策研究——基于绝对净收益的视角

An Research on the Decision-making about Institutional Investors Activism

为了改善我国上市公司治理,提高上市公司的绩效并促进股票市场的健康发展,政府监管部门出台了一系列促进机构投资发展政策和措施。机构投资者得到了巨大的发展。但是,机构投资者的发展对改善上市公司治理的作用受到质疑。本文通过构建理论模型,采用监督绝对净收益的标准分析机构投资者参与公司治理的决策情况。研究发现,机构投资者监督绝对净收益大于零,就会参与到公司治理中。

In order to improve corporate governance and performance and thus promote health stock markets, the government formulated policies and take measures. Institutional investors developed greatly. However, the role of the development of institutional investors in improving corporate governance is controversial. By constructing a model, this paper investigates the decision-making about institutional investors＇ activism with absolute net corporate governance return as criterion. This paper find that institutional investors will play a role in cotporate governance.