摘要
机构投资者具有多重制度效应。当前世界范围内机构投资者行业的发展呈现三大趋势：一是机构投资者队伍仍在继续壮大，机构投资者跨国界的投资活动日趋频繁；二是机构投资者越来越偏好股权投资；三是机构投资者的积极行为日益成为一种重要的公司治理机制。与发达国家(地区)的相比，中国机构投资者的发展水平明显偏低，中国发展机构投资者的任务紧迫。在此背景下，系统性地深入研究机构投资股东，就具有重大的理论意义和实践意义。
理论研究揭示：机构投资者在本质上是决策人，机构投资者是具有高度理性、偏好投资收益、寻求满意组合的决策系统。机构投资者投资股市时就自然成为机构投资股东。机构投资股东在偏好股份的属性、追求收益的能动性和行使股权的方式等方面，与一般法人股东存在着根本性的区别。受持股较多的内在激励，机构投资股东在解决公司内部的代理问题时比较有效，但也会滋生机会主义行为。机构投资股东的行为可以通过完善相关制度来规范。机构投资股东与股票市场的发展存在良性互动关系。
放松管制、加强监管和完善相关制度环境是各国发展机构投资者的共同经验。尽管中国机构投资者在市场上的表现毁誉参半，但实证研究表明，他们有较强的选股能力，群体具有投资意识，整体属于风险规避型，符合信托的“谨慎人理财”原则。中国目前具有较大的发展机构投资股东的空间。只要有的放矢地解除机构投资股东在正式制度维、非正式制度维和制度实施机制维受到的具体约束，中国的机构投资股东就会迎来发展的春天。
Institutional investor has several system effects. Nowadays, the development of institutional investor industry all around the world is showing the following three trends. Firstly, the community of institutional investors is still developing continuously and their behavior of global investment happens frequently day by day. Secondly, institutional investors prefer equity investment more and more. Thirdly, institutional investors' active participation becomes an important corporate governance mechanism gradually. Compared with that in the developed countries (regions), the development level of the institutional investors in China is obvious low and the task to develop Chinese institutional investors is so urgent. Therefore, the systematic study on institutional investors thoroughly has great theoretical and practical significance.
The theoretic research reveals that institutional investors are decision-maker in essence and a decision system of high rationality, which preferring investment revenue and asking for satisfactory portfolios. Institutional investors become institutional shareholders naturally when investing the stock market. Institutional shareholders differ from the general corporation shareholders significantly in preferring stock attributes, the activity of pursuing revenue, the way to actualize equities, and so on. Stimulated by holding many shares, institutional shareholders are more effective in dealing with agency problems in the corporation, but also behave as opportunists sometimes. Institutional shareholders' behavior can be standardized by the relative system. The relationship between the development of institutional shareholders and the stock market is mutually beneficial.
The common experience about the development of institutional shareholders all over the world is loosing regulation, strengthening supervision and improving the relative institutional environment. Although the Chinese institutional shareholders' operation in
market is both praised and criticized, the positive analysis shows that they have comparatively strong ability to select stocks and consciousness of investment and evading risks. So their behavior meets "the Financing Principle of Prudence". China has comparatively more chances to develop institutional shareholders at present. When the formal constraints, informal constraints and implement mechanism can be removed properly, the golden age of institutional shareholders will come.
引文
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