机构投资者参与公司治理的决策——基于目标公司股权结构的视角

Research on the Decision-making about Institutional Activism——From Ownership Structure of Target Company

本文首先分析机构投资者参与公司治理的动机,得出结论认为,机构投资者是否参与公司治理主要取决于监督绝对净收益和相对监督收益。接着笔者采用相对监督收益的标准,考察目标公司股权结构对机构投资者参与治理决策的影响。研究表明:目标公司如果只存在一个机构投资者会有利于其参与公司治理,如果存在若干持股数相当的机构投资者则不利于其参与公司治理。

This paper analyzed the motivation of institutional activism and find that institutional activism depends on absolute monitoring net return and relative monitoring return.In addition,this paper,taking advantage of relative monitoring return,researched on the effects of ownership structure of target company on decision-making about institutional activism.The research draw a conclusion that the ownership structure with one institional investor is benefical to instituional activism,while ownership structure with several institutional investors whose shares are the same approximately is harmful to instituional activism.