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2 0世纪的后 2 0年 ,以基金为代表的各类外部机构投资者在西方成熟证券市场中的地位显著上升。机构投资者持有的上市公司资产比重迅速增大 ,不仅使证券市场的投资主体发生了根本性的变化 ,而且导致了机构投资者的投资策略从“保持距离”向“控制导向”的转变。这种转变深刻地变革了上市公司治理结构 ,使“内部人控制”有所改观 ,同时也在一定程度上提高了被投资的上市公司的经营业绩和机构投资者自身的收益。对于我国目前仍存在诸多缺陷的上市公司治理结构来说 ,国外机构投资者的投资策略变动及上市公司治理领域的新变化是具有一定的借鉴意义的。笔者认为 ,为了改变我国上市公司中严重的“内部人控制”特征 ,需要在坚持实施股权多元化的同时 ,继续大力发展投资基金、养老基金等机构投资者 ,提升外部人在上市公司治理中的地位与作用。
In the second 20 years of the 20th century, the positions of various types of external institutional investors represented by the fund have risen sharply in the mature western securities market. The rapid increase in the share of listed companies held by institutional investors has not only fundamentally changed the investors in securities markets, but also led to the transformation of institutional investors’ investment strategies from “keeping distance” to “controlling orientation.” This change has profoundly changed the governance structure of listed companies and improved “insider control”. At the same time, it has also improved the operating performance of listed companies that are invested and the returns of institutional investors themselves. For the governance structure of listed companies in our country, there still exist many flaws, the change of investment strategy of foreign institutional investors and the new changes in the field of corporate governance of the listed companies are of certain reference significance. In my opinion, in order to change the serious characteristics of “insider control” in listed companies in our country, we need to continue to vigorously develop institutional investors such as investment funds and pension funds while enhancing the diversification of shareholdings, and enhance the role of outsiders in the governance of listed companies Status and role.