Research on Risk Management of Listed Chinese Enterprises Based on Institutional Activism

摘要：

The expropriation of minority shareholders by controlling shareholders is the central agency problem in listed Chinese enterprises. There has been an explosive development of institutional investors in China recent years but the governance role of institutional shareholders is controversial. This study investigated the role of institutional shareholders in risk management of listed Chinese enterprises. By constructing a model, this study researched on the risk of listed enterprises and find that controlling shareholders will expropriate minority shareholders. Then this paper studied on the role of institutional activism in mitigating agency problem and improving performance, by including in the model one institutional shareholder. We find that institutional activism can mitigate agency problem and improve performance. Our finding suggests that institutional activism can play a beneficial role in risk management and eventually sustainable development of listed enterprises.

关键词： Risk Management Listed Enterprise Institutional Activism

作者: Qian Lu

作者单位: School of business administration, Wuhan textile university Yuguang vilage li yuan, Wuhan, P.R.China, 430077

会议类型: 国际会议

会议名称: The 1st International Conference on Sustainable Construction & Risk Management(首届可持续建设与风险管理国际会议)

会议地点: 重庆

会议语种:英文

页码: 429-434

在线出版日期: 2010-06-12（万方平台首次上网日期，不代表论文的发表时间）