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投资机构化的发展趋势日益显著,给机构投资者带来的变化之一是他们认识到仅仅“用脚投票”是不够的,应当积极地参与到公司治理中。相对于个人投资者,机构投资者具有较低的信息搜集成本和更强的信息处理能力。所以,以信息披露为视角研究机构投资者在公司治理中的作用具有现实意义。机构投资者作为一种特殊的治理机制,与公司信息披露存在相辅相成的关系,不同类型的机构投资者内在属性的差异,对公司治理所发挥的作用也不尽相同。随着公司治理与信息披露实践的持续演进,仍有很多理论空间值得我们去深耕:其一,相关研究比较零散,研究框架与研究结论至今没有得到比较一致的认同;其二,缺乏对公司治理机制、机构投资者和信息披露三者关系的系统性研究;其三,积极推进机构投资者与公司信息披露关系的本土化研究。
One of the changes that has taken place in institutional investors is that they recognize that mere voting by their feet is not enough and should actively participate in corporate governance. Compared with individual investors, institutional investors have lower information collection costs and stronger information processing capabilities. Therefore, it is of practical significance to study the role of institutional investors in corporate governance from the perspective of information disclosure. Institutional investors, as a special governance mechanism, have complementary relationship with corporate information disclosure. The differences of intrinsic attributes of different types of institutional investors also play different roles in corporate governance. As corporate governance and information disclosure practices continue to evolve, there is still a lot of theoretical space that deserves our deepening: First, the related research is fragmented, and the research framework and the conclusions of the study have not been agreed with each other so far. Second, the lack of a clear understanding of corporate governance Mechanism, institutional investors and information disclosure; thirdly, it actively promotes the localization research on the relationship between institutional investors and the Company’s information disclosure.