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投资者是证券市场的主体,保护投资者的合法权益是《证券法》的立法宗旨,投资者的合法利益能否得到有效的保护,对公司实体本身和证券市场的发展具有重要的意义。我国社会公众投资者始终处于一个较为明显的弱势地位,控股股东可以随心所欲采取各种措施侵犯社会公众投资者权益。本文从LLSV等人的研究成果出发,论证了法律对投资者保护的缺失是机构投资者快速发展壮大的根本原因。机构投资者可以凭借其强大的资金实力参与公司治理,尽量减少关联交易的发生,从而完善公司治理结构。
Investors are the main body of the securities market. Protecting the legitimate rights and interests of investors is the legislative purpose of the Securities Law. Whether the legitimate interests of investors can be effectively protected is of great significance to the development of corporate entities and the securities market. China’s public investors have always been in a more obvious vulnerable position, controlling shareholders can arbitrarily take various measures to infringe upon the rights and interests of the public investors. Based on the research results of LLSV et al., This paper demonstrates that the lack of law protection for investors is the fundamental reason for the rapid growth of institutional investors. Institutional investors can participate in corporate governance by virtue of their strong financial strength, minimize the occurrence of related party transactions and improve the corporate governance structure.