浅析机构投资股东的四大行为策略

A Study on Four Main Behavior Strategies of Institutional Shareholders

机构投资者在入市时应该扮演好股市挑选者的角色,但由于自身理性有限,在充满风险与不确定性的世界中,其对股份的收益性偏好不会常常如愿,入市后,可能遭遇一家或数家股份入选公司的绩效欠佳或治理出现问题。机构投资股东可能的行为策略有:用脚投票、无为而治和积极行为。无论做出何种选择,都是机构投资股东在满足特定约束条件下的经济理性作用的结果。在实践中,我们可以因势利导,促进机构投资股东的良性发展进程。

Institutional investors should play a good role of stock - picker when entering the stock market . However, due to its own limited rationality, institutional shareholders, who prefer the gain of shares may usually encounter the problems of poor performance and/or bad governance of one or several chosen companies. The possible behavior strategies must be taken as follows: voting by foot, doing nothing, and taking active actions. No matter which one they choose, it is the result of the economic rationality of institutional shareholders under certain constraints. In practice, some suitable measures must be taken so as to promote the positive development of institutional shareholders.