中文摘要：

文章以鑫科材料公司定向增发为例研究机构投资者的治理作用，研究表明机构投资者通过定向增发成为公司股东后，并未能够有助于提升公司盈利能力或影响公司重要决策，同时研究发现机构投资者参与定向增发只为获利，在持股期间积极影响公司股价提升，在限售期结束后积极减持套现。认购定增股份的机构投资者并没有成为一个监督者的角色，而只是旁观者。文章的研究对上市公司的定向增发决策及监管层的相关政策制定具有一定启示意义。

英文摘要：

This paper analyzes the governance effect of institutional investors based on case study of the private placement of Xinke Materials. But the consequences show that institutional investors could not improve the profitability of the finn or affect its important decisions. Institutional investors in private placement are aimed to make profits, During the holding period, they will try to enhance the share price, but after the restricted period they will sell all shares to cash in. Institutional investors in the private placement play a role of a supervisor instead of a spectator. The research will give some references to both the listed firms and the regulators of the private placement.