机构投资者参与公司治理文献综述

Review of the Literature on Institutional Investor's Participation in Corporate Governance

我国上市公司多为国企改制而来,成本过高、信息不对称等特点使得中小股东无法监督上市公司管理层的经营行为。不同于分散的中小股东,机构投资者凭借其专业化操作手段及获取并分析上市公司信息的能力可以参与到公司治理内部,对上市公司的业绩提高发挥了积极作用。

Most of Chinese listed companies are reformed from state-owned enterprises. Small and medium shareholders cannot monitor the managers of listed companies because of high cost and asymmetric information. The institutional investors, different from the small shareholders, have professional measures to obtain and analyze the information about the listed companies, so as to participate in the corporate inner governance and improve the company＇s performance greatly.