| Institutional investors have had the most rapid growth in the Western developed countries since the1980s. With the size of institutional investors constantly enlarging, the equity structure has been changed. Institutional investors have abandoned the traditional regulations on Wall Street to protect the values of their investment capital and adopted voting-by-hand to actively participate in the corporate governance rather than voting-by-foot to sell shares, which has a significant influence upon the corporate governance around the world. Institutional investors in our country are going this way and have developed so fast that it has already taken shape since the CSRC put forward the strategy of "unconventionally developing institutional investors".The thesis analyses why and how institutional investors participate in the governance of the listed companies with theoretical exposition and practical examples. In addition, it also focuses on the effect of the governance, the obstacles in the way as well as the methods of getting rid of the obstacles.Based on the problems above, the thesis summarizes the related literature research at home and abroad and has a brief review on the theories of corporate governance and institutional investors in the first part, with the focus on the analysis of the necessity and feasibility of institutional investors’ participating in the corporate governance. On this basis, with the multiple regression method institutional investors’ influence upon the governance of the listed companies is tested with the A-shares listed companies in the stock markets of Shanghai and Shenzhen as the examples. It is analyzed that China’s institutional investors’ participating in the corporate governance does make the corporate performance improved. However, the development of institutional investors in our country is still at the initial stage and there are many obstacles in the way. Thus, the thesis puts forward some proposals in the last part. |
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