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一、引言随着机构投资者的发展和壮大,其在资本市场和上市公司中发挥着越来越重要的作用。机构投资者通过制衡大股东行为维护投资者利益;通过提名董事和提议罢免董事等方式影响董事会治理;通过提议更换经理人、变更管理层薪酬等方式影响经理层激励约束机制;通过提高信息披露透明度等方式提升公司的治理水平(李维安2013)。一些学者从不同的角度对机构投资者发挥公司治理效应进行了深
I. INTRODUCTION With the development and growth of institutional investors, it plays an increasingly important role in capital markets and listed companies. Institutional investors protect the interests of investors through checks and balances with major shareholders; influence the governance of the board of directors through nomination of directors and proposed removal of directors; influence the incentive and restraint mechanisms of managers through proposals such as the change of managers and the change of management remuneration; enhance the transparency of information disclosure And other ways to enhance the company’s governance (Li Weian 2013). Some scholars have taken a deeper look at institutional investors’ corporate governance effects from different perspectives