论金融危机下机构投资者的“社会责任型投资”  

On the "Social Responsible Investment" of Institutional Investors Under Financial Crisis

作　　者：徐来[1] 

机构地区：[1]西南政法大学民商法学院,重庆401120

出　　处：《改革与战略》2010年第7期78-82,共5页Reformation & Strategy

摘　　要：通过对机构投资者承担社会责任会减损经济收益、违反受托人信义义务这一传统理论的反驳,文章论证了"社会责任型投资"在总体效益上是有益的,各实施途径也符合谨慎投资义务与忠实义务的要求。通过对受益人利益的全新界定以及受托人信义义务的全新注解,文章澄清了"社会责任型投资"尽管在短期经济回报上有所减少,但却能实现信托文书特别指示的环境、伦理或社会等非经济利益,这符合受益人的最佳利益。通过对"社会责任型投资"决策下机构投资者义务履行条件及其立法改革的探讨,文章证实了鼓励"社会责任型投资"能够促进经济可持续发展、保持股市稳定以应对金融危机的假设,并对机构投资者义务体系的未来发展进行了展望。This paper contradicts the traditional theory that taking social responsibility by institutional investor will decrease economic returns and breach of fiduciary duties, and demonstrates that the ＂Social Responsible Investment＂ is helpful to overall benefits and satisfies the requirements of trustee＇s duty of prudent investment and loyalty.In additional, this paper redefines the ＂Benefit＂ of beneficiary and the trustee＇s fiduciary duties, and expounds and proves that although short-term economic returns will be reduced, the environmental, ethical or community interests designed by trust instrument can be gained by ＂Social Responsible Investment＂, which satisfies the ＂Best benefits＂ of beneficiary.Finally, this paper examines the way to fulfill the duty under ＂Social Responsible Investment＂ and its legislative reform, and proves the accuracy of hypothesis that encouraging ＂Social Responsible Investment＂ will promote sustained development of economy and keeps steady of stock price in response to the challenges of the financial crisis, and gives advices to improve obligation structure of institutional investor.

关 键 词：机构投资者 社会责任型投资 谨慎投资义务 忠实义务 最佳利益 

分 类 号：F27[经济管理—企业管理]