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股东价值分为交易价值与投资价值。作为交易者的机构股东与作为投资者的机构股东在股东价值上的分歧,表现为在公司治理中采取不同的治理战略。对美国机构股东的公司治理战略转变过程与成因分析,表明积极主义的机构股东在公司治理中的作用不断增强。美国公司治理原则不仅强调采取委托投票权竞争机制,而且强调股东的持久价值、公司的社会责任以及利益相关者的权利保护等因素。
Shareholder value is divided into transaction value and investment value. The differences in shareholders' values between institutional shareholders as traders and institutional shareholders as investors appear to adopt different governance strategies in corporate governance. The analysis of the process and causes of the corporate governance strategy change of U.S. institutional shareholders shows that the active institutional shareholders play an increasingly important role in corporate governance. The principle of corporate governance in the United States not only emphasizes the mechanism of competing voting of proxy voting, but also emphasizes the sustainable value of shareholders, the social responsibility of the company and the protection of rights of stakeholders.