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80年代末的购并浪潮预示着机构投资者在公司治理中开始扮演重要角色,此前其作用主要局限于是否向敌意收购者出售其股份。然而自80年代末开始,通过干预撤换业绩不良公司的董事会成员,制定并改进包括董事会结构与构成、执行董事的激励以及一系列其他事项在内的公司良性运作规范,并积极参与关于公司法改革的讨论等行为,机构股东开始显示其参与公司治理的影响力。
The wave of mergers and acquisitions at the end of the 1980s indicates that institutional investors have begun to play an important role in corporate governance. Previously, their role was mainly limited to the sale of their shares to hostile bidders. However, since the late 1980s, through intervening in the replacement of board members of underperforming companies, the Company has developed and improved the company’s healthy operating practices including the structure and composition of the board of directors, the incentives of executive directors, and a series of other matters, and has actively participated in the reform of company law. The discussion of such acts, institutional shareholders began to show their influence in corporate governance.