法律机制、机构投资者与公司治理--基于重庆啤酒乙肝疫苗项目分析

LEGAL MECHANISM,THE INSTITUTIONAL INVESTORS AND CORPORATE GOVERNANCE——Based on the Analysis of Chongqing Beer's Hepatitis B Vaccine Events

基于公司治理的内部机制和外部机制的分析框架,文章通过审视重庆啤酒的乙肝疫苗项目发现,我国的法律机制的不健全造成了市场炒作氛围,阻碍了机构投资者参与公司治理的意愿,严重制约了外部治理机制的功能发挥。对于制约因素,本文有针对性地提出了完善披露法规、鼓励多类型投资者发展、限制相对持股量以及政策扶植机构投资者协调机构等建议。

Focusing on Chongqing Beer＇s hepatitis B vaccine proiect, based on the analytical framework of corporate governance theory of the internal mechanism and the external mechanism, this paper found that the imperfection of the legal regulation mechanism in China formed a hype atmosphere, which impeded the institutional investors＇ willingness to participate in the corporate governance and restricted the {unc- tions of the external mechanism seriously. Targeting the problems, the paper proposed some legal and po- litical solutions, such as improving the legal system of information disclosure, encouraging the participa- tion of various institutional investors, limiting the relative holding and fostering a political coordinating or- gan for institutional investors.