文档介绍：山西财经大学
硕士学位论文
机构投资者参与我国上市公司治理研究
姓名:张江秀
申请学位级别:硕士
专业:会计
指导教师:郭泽光
2006-03-31
摘要
公司治理改革已经成为一个普遍关注的问题,因而也成为现代财务管理研
究的一个重要领域。随着机构投资者持有上市公司资产的比重迅速增大,不仅
使证券市场的投资主体发生了根本变化,而且导致机构投资者的投资策略从“保
持距离”向“控制导向”转变,这种转变深刻地变革了上市公司治理结构,也
体现了机构投资者在有效解决上市公司治理问题方面的独有魅力。众所周知,
我国上市公司治理问题诸多,已经成为抑制我国证券市场有效性的利器,目前
我国机构投资者正在逐渐崛起,其在参与公司治理方面的作用也已初露端倪。
本研究正是在这样的背景下展开的。
本文对机构投资者与上市公司治理问题的研究按以下逻辑框架展开:
首先分析当前我国上市公司治理存在的问题并从经济模型和理论研究两个
角度阐述机构投资者参与上市公司治理的必要性,进而通过介绍美国的成功经
验来探讨了目前机构投资者参与我国上市公司治理的制度障碍及其对策,最后
笔者认为机构投资者有能力和动力参与公司治理,并在此基础上提出相关建议。
文章以公司治理的主要理论为基础,借鉴和总结了大量现有研究成果,主
要通过规范分析,以期提供一个尽可能全面的分析研究。虽然本文依然存在大
量不足与局限,但作者希望能够为我国机构投资者参与上市公司治理的发展提
供参考。

【关键词】中国上市公司机构投资者公司治理障碍对策
3
Abstract
The reform on corporate governance has e a focus problem
attracting widespread concern. Therefore, corporate governance has
turned an important researching field of modern financial management.
Along with the increasing weight of the institutional investors holding
properties of panies, as a result, the change of the investment
bodies of the stock market had taken place and the investment strategy of
the institutional investors changed toward “control-oriented” from "arm's
length" This change profoundly changed the governance structure of
panies and reflected its unique role on resolving the problems
of corporate governance of panies effectively. As we all know,
there are many problems in corporate governance of Chinese listed
companies, which restrained greatly the effectiveness of our securities
markets. Nowadays, institutional investors are gradually rising in China
and its role on solving the problems of corporate governance of listed
companies is gradually revealed. The study was carried out in such a
background.
The logic framework of this thesis is as follows:
Firstly, the authors make deeply systematic analysis on the current
problems of corporate governance of Chinese panies to explain
the necessity for institutional to