求翻译：第四，初步形成了以市场为基础的外部治理机制。股权分置改革的完成对上市公司控股权市场的发展产生了巨大的推动作用。在并购规模、并购规划、并购方式等方面都取得了积极的进展，形成了对上市公司有利的外部制约。从机构投资者来看，我国已经形成死以证券投资基金为主，包括社保基金、保险基金、企业年金，一般法人投资者等在内的多元化机构投资者队伍。是什么意思？

Fourth, the initial formation of market-based external governance mechanisms. The completion of the split share reform has had a huge role in promoting the development of the listed company holding the right to market. Scale mergers and acquisitions, M & A planning, mergers and acquisitions have

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IV, initially formed to market based on external mechanisms. Of share-trading reform to complete the controlling rights of listed companies have a tremendous role in promoting market development. In terms of scale of merger and acquisition planning, mergers and acquisitions, mergers and acquisitions