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长期以来,我们一直相信一个真理:必须大力培育机构投资者,因为机构投资者由专业人士管理,他们经验丰富,富于理性,是一支健康力量,是资本市场稳定发展的坚实基础。这种机构投资者的神话能否成立呢当今世界资本横行,相关专业人士只有两个选择:或为帮凶,或为帮闲;律师通常是帮凶,而学者通常是帮闲。最近美国又有新动向:法官也开始帮闲。哥伦比亚大学法学院最新一期《哥大法律评论》刊载了一篇有争议的文章,题目是《借重普通投资者我们可以做得更好吗?》
For a long time, we have always believed in the truth that institutional investors must be vigorously nurtured. Because institutional investors are run by professionals, their experience and rationality are healthy forces and a solid foundation for the steady development of capital markets. Whether this institutional investor’s myth can be established? In today’s world of capital rampant, the relevant professionals have only two choices: either as an accomplice, or as a help; lawyers are usually accomplices, and academics are usually idle. There has been a new trend in the United States recently: the judge started to help the rest. The latest issue of Columbia Law Review, a Columbia University School of Law publication, contains a controversial article entitled “Can we do better with ordinary investors?”