The Impact of Institutional Ownership on Corporate Governance—— Dual Agency Cost Perspective

Abstract

经过三十年的发展,机构投资者的数量和投资规模逐渐扩大,投资模式也日臻成熟,其在促进金融市场的发展中起到了愈加重要的作用。在持股比例较低时,机构投资者退出市场的风险较低,而随着持股比例的增高,机构投资者采取短期投资策略的方式来管理股票,只会使其承受股票价格大幅下降而带来的损失,因此更多的机构投资者开始寻求能够获取稳定收益的途径。他们以股东的身份对上市公司的经营管理决策发表意见,监督管理层和股东行为,改善公司内部治理环境以促进其健康稳定的发展,并取得了一定的成效。 机构投资者的作用逐渐引起了我国政府的关注。政府在引入机构投资者的同时相继出台了有关的法律、法规以保障其能够有效地行使股东权利。然而在...After thirty years of development, the number of institutional investors and the scale of investment gradually expanded, the investment model is also maturing, which plays an increasingly important role in promoting the development of financial markets. The shareholding ratio is low, the risk of institutional investors out of the market is relatively low, and with the increased proportion of sha...学位:管理学硕士院系专业:管理学院_会计学学号:1752014115113

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