机构投资者参与我国上市公司治理的现实困境与对策初探

Brief Discuss on Institutional Investors to Participate in Corporate Governance of Listed Company of Practical Difficulties and Countermeasures

我国机构投资者在参与上市公司治理中发挥了一定的积极作用。然而,由于证券市场过度投机、上市公司股权结构失衡、上市公司信息披露质量不高、多重代理之道德风险以及机构投资者参与上市公司治理法律制度不健全五大现实困境,使得我国机构投资者参与上市公司治理的效果并不理想。在我国,有必要从各个方面寻找机构投资者摆脱前述现实困境的对策,以提升机构投资者参与我国上市公司治理的水平。

Chinese investors of participating in the governance of a listed company played a positive role. However, there are five practical difficulties： the stock market excessive speculation, stock right structure imbalance, the low listed company information disclosure quality, the ethics of multiple proxy risk and institutional investors to participate in the governance of listed company legal system is not sound, which makes the Chinese institutional investors to participate in the governance of listed company effect is not ideal. Therefore, in our country, it has to search for institutional investors out of the realistic way out of the difficult position from each aspect, in order to improve the institutional investors to participate in corporate governance of listed company level.