论股票市场中的积极投资-世界经济专业论文.docxVIP

y4678_f y 4678_f 9 内容提要 f ／积极投资的兴起，是与20世纪80年代美国华尔街的“投资商资本手义”运 动帕联系的，它的含义是指机构投资者利用手中的股权来监督和影垧上市公司管 理层，以促进一卜市公司改善公司治理，实现股东价值最大化≯本文论述的积极投 资在此基础上作了一些扩充，将接管、代理权争夺等更为激进的投资行为也纳入 积极投资的范畴。由J：这些投资行为对日标企业的控制力和影响力大大增强，由 此产生的效应影响也更趋复杂，冈此，本文根据对企、Ik控制力的不同，将积极投 资划分为治理型积极投资和激进型积极投资两种类型，这是本文的一个创新部 分。本文的主要内容就是从经济学的角度对两种类型的积极投资行为展丌多方位 的考察。 本文的结构如卜，第一章介绍积极投资的起源利定义，笫二章从经济学角艘 解释积极投资的内存机理，第三章考察积极投资的行为机理，第四章从礼会福利 角度列积极投资进行效应分析，第血章介绍积极投资兴起的制度背景，第六蕈介 绍积极投资对我困股巾的一些肩示。 本文的意义迩在r，我幽资本市场正在大规模发展机构投资1l；，』n J_{；}{极投资 是机构投资者的进行股票投资的L-要策略之 ，因此对积极投资进行深入硎究／『； 仪具有理论意义，对提高机构投资者的投资水ilj也小兀益处，这也是作，各’j作此 文的手要动机。 关键词：股票苦≤ 积寂螽资涪鱼 F岛趸虿 oN oN THE ACTlVEINVESTMENT IN STOCK MARKET The rise of“Active Investment”relates to the“Investor Capitalism” movement during 1 980s bv Wal】Street in USA The phrase of“Active Investment”refers tothe actions of institutionalinvestors who．by utilizing their power of being shareholders，supervise and influence the managing level of listed companies in order to improve the company’S governance and therefore，achieve the maximization ofshareholder’value． This thesis paper extends the above definition by including some more radical actions such takeover and proxy contests．Since these investment actions exert much greater contr01 and influence company． the results also become much more complicated．Therefore．by its power of influence，this paper divides active investment into two types：Govemance Active Investment and Radical Active Investment—which iS creative work of this paper 1、he content of this paper iS to give multi—dimensional economic observation on these two types of active investment activities The structure of this paper iS follows：the first chapter introduces the origin and definition of active investment；the second chapter explains the internaj mechanism of active investment from economic point of view；the third chapter observes its mechanism of activities；the fourth chapter analyzes its effect social welfare；the fifth chapter introduces the system background when active investme