机构投资者勇担“积极股东”重任

Core Viewpoint - The recent guidelines from the Central Committee and the State Council emphasize the role of capital markets in enhancing corporate governance and encourage institutional investors with over 5% shareholding to act as active shareholders [1] Group 1: Role of Institutional Investors - Institutional investors are encouraged to actively exercise shareholder rights, which includes participating in corporate governance and management oversight to enhance company value and pursue long-term investment returns [1] - Active shareholders are defined as those who engage in governance and management, typically holding more than 5% of shares, and are expected to move away from passive voting behavior [1] Group 2: Benefits of Active Shareholding - Active institutional investors can optimize corporate governance structures, balancing the power of controlling shareholders and management, thereby protecting the legitimate rights of minority investors [2] - In companies with concentrated ownership, institutional investors can disrupt decision-making monopolies and prevent power overreach, while in companies with dispersed ownership, they can impose governance standards to curb short-sighted management behavior [2] - By focusing on long-term value, institutional investors can help companies avoid excessive reliance on short-term performance, guiding them to develop and implement sustainable growth strategies [2] Group 3: Market Confidence and Investment Value - The active participation of institutional investors in corporate governance signals confidence in a company's future, which can stabilize stock prices and attract more long-term capital [3] - The regulatory encouragement for institutional investors to act as active shareholders aims to enhance the quality of listed companies and create a win-win situation for both investors and companies through sustained returns [3] - While being an active shareholder requires significant effort, the overall improvement in governance and operational quality is beneficial for protecting minority investors and enhancing corporate investment value [3]