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阿里 · 2024年09月24日

这道题考点在于区分Minority shareholders?

  1. ESG
  2. Governance factors

NO.PZ2024010505000003

问题如下：

The interests of institutional investors are most likely protected through:

选项：

A.pre-emptive rights. B.related-party transactions. C.dual-class share structures.

解释：

A is correct. Pre-emptive rights ensure that investors, including institutional investors, can avoid dilution of their interest in a company by a dominant shareholder seeking to gain more control. Both related-party transactions and dual-class share structures are disadvantageous to minority shareholders such as institutional investors, as they can enable dominant shareholders to siphon resources from the company or maintain disproportionate control of voting rights, respectively.

请问institutional investor 机构投资者为什么属于少数股东范畴，为什么不是大股东？

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1 个答案

净净_品职助教 · 2024年09月24日

嗨，爱思考的PZer你好：


这道题的考点在于理解不同公司治理机制对股东权益的影响，以及区分少数股东（Minority shareholders）和大股东的利益保护方式。

机构投资者通常被视为少数股东的范畴，原因主要有以下几点：

  1. 分散性：机构投资者通常会投资于众多不同的公司，其在单个公司中的持股比例相对较小，因此相对于控股股东或大股东来说，它们在公司决策中的影响力相对较小。
  2. 多样性：机构投资者包括各种类型的机构，如养老基金、保险公司、共同基金等，它们的投资目标和策略各不相同，但通常更关注投资组合的整体回报和风险，而不是对单个公司的控制。
  3. 独立性：机构投资者通常独立于公司的管理层和控股股东，其投资决策主要基于对公司基本面和市场情况的分析，而不是出于对公司的控制或影响力的追求。

相比之下，大股东通常是指在公司中拥有较大比例股权并能够对公司决策产生重大影响的股东。他们可能会利用其控制权来追求自身利益，而不一定会充分考虑其他股东的利益，包括机构投资者的利益。

因此，为了保护自己的利益，机构投资者通常会关注公司的治理结构，包括预购权（pre - emptive rights）等机制，以防止自己的股权被稀释或利益受到侵害。而相关方交易（related - party transactions）和双层股权结构（dual - class share structures）可能会导致大股东权力过大，从而对机构投资者等少数股东的利益造成不利影响。

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