机构投资者与公司治理:新趋势和研究展望

Institutional Investors and Corporate Governance: New Trends and Research Perspectives

机构投资者在公司治理中发挥的作用是当前理论和实务界关注的重点课题。本文从机构投资者参与公司治理的动因、参与途径及经济后果共三个维度对相关国内外理论和研究进行了梳理、分析和评价。该领域研究进展和新趋势可概括为"三新",即关注积极参与公司治理的外资、险资等新投资者、通过机构调研影响公司治理的新行为和以公司代理咨询机构的出现为代表的新现象。相比国外研究,国内研究主要侧重于分析机构投资者参与公司治理的经济后果,今后围绕以上三个新领域的理论和实证研究,特别是研究投资者参与公司治理的具体途径,是该领域研究未来的发展方向。

The role of institutional investors in corporate governance is the focus of scholars and practitioners. This article plans to review foreign studies from the reason, participation way and economic consequences of institutional investors participating in corporate governance, and summarizes domestic main achievements and new trends.Three new trends of institutional investors participating in corporate governance can be generalized as new institutional investors like foreign capital and insurance capital who take active part in corporate governances, new behaviors to affect corporate governances through market survey and new phenomena like the appearance of proxy advisory firms. Compared with foreign study, domestic research mainly focuses on analyzing economic consequences of institutional investors participating in corporate governance and less focuses on motivation and ways of institutional investors participating in corporate governance. This paper argues it will be the future prospects of domestic study that, the researchers firstly distinguish between different types of function of institutional investors according to the external constraints faced by different institutional investors and explore ways of institutional investors participating in corporate governance, finally improve the credibility of the research conclusion about economic consequences.