证券投资基金对上市公司治理影响的研究.pdfVIP

摘要 在证券市场中,占据最关键地位的是证券投资基金以及上市公司,它们 之间具有非常密切的联系。本文论述了作为机构投资者的基金公司利用 其在资金和信息上得天独厚的优势地位以及基金的逐利偏好、证券投资 基金的自身发展等因素加入到上市公司的治理当中。另外还分析了机构 投资者在股东大会出席率上的积极性不高、由机构投资者提名的董事在 股东大会占比很低、机构投资者极少对股东大会议案提出不同意见、极 少机构投资者提出质询，且被采纳率不高、我国证券投资基金运作模式 不利于上市公司治理等现状。通过分析上市公司的股权结构以及持股问 题，得出了基金的投资受到法律上的严格限制、证券投资基金自身治理 结构不完善等问题。针对这些问题，提出来引加强机构投资者的监管和 治理、优化上市公司股权结构、完善证券市场体系，提高持股集中度、 完善相关法律法规，消除法律的障碍等政策。 关键词： 证券投资基金 上市公司治理 逐利偏好 绩效评价体系 Abstract In the capital market structure, securities investment funds and listed companies are two important components, and there is a close interaction between the two. This article discusses that the securities investment fund participates in the governance of the listed company by virtue of its own capital advantage and information superiority, agency cost, profit- seeking preference of the securities investment fund, self- development of the securities investment fund and so on. Analyzed the enthusiasm of institutional investors in the general meeting of shareholders is not high, the directors nominated by institutional investors in the general meeting of shareholders is very low, institutional investors rarely put forward different views on the shareholders meeting motion, very few institutional investors Inquiries, and the adoption rate is not high, the operation of Chinas securities investment fund is not conducive to the status of listed companies and other governance. Through the research and analysis of ownership structure and shareholding of listed companies, it is concluded that the investment of securities investment funds is restricted by law and the governance