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所谓公司治理,不同的学者给予了不同的定义。“公司治理是一套控制公司经营的法律、法规和其它因素构成的系统”;“公司治理是公司资本供给者保证其投资收益的方法”;“公司治理是一个事后分配公司所产生准租金的约束体系”。这3个定义实际上反映了公司治理的3个方面:第一个定义说明公司治理的形式和内容;第二个定义说明公司治理的目的;第三个定义指公司治理的机制。归纳起来,公司治理实际上是一套为了降低企业代理成本和保护投资者利益,由相关法律、法规和其它机制所构成的系统。其中,其它机制主要是指股票市场交易机制、股东监督机制和上市公司经理人的激励约束机制。 至于机构投资者参与公司治理,大致可以分为间接和直接方
The so-called corporate governance, different scholars have given different definitions. “Corporate governance is a system of laws, regulations, and other factors that govern the company’s operations”; “Corporate governance is the method by which the company’s capital providers guarantee the return on their investment”; “Corporate governance is the quasi-rent that the company generates afterwards. Constraint system." These three definitions actually reflect three aspects of corporate governance: the first definition describes the form and content of corporate governance; the second definition describes the purpose of corporate governance; the third definition refers to the mechanism of corporate governance. To sum up, corporate governance is actually a system that consists of relevant laws, regulations, and other mechanisms in order to reduce corporate agency costs and protect the interests of investors. Among them, other mechanisms mainly refer to the stock market trading mechanism, shareholder supervision mechanism, and the incentive and restriction mechanism of listed company managers. As for institutional investors participating in corporate governance, they can be broadly divided into indirect and direct parties.