近年来,公司治理研究的焦点已经从主要出现在英美的股权分散体系下的敌意并购,转向世界上其他大部分地区盛行的控制股东体系的相对价值之上。在这场新兴的辩论中,股权分散体系和股权集中体系的两分法主导着话语,但其过于粗糙,无助于更深地理解 In recent years, the focus of corporate governance research has shifted from hostile mergers and acquisitions, mostly in the Anglo-American system of shareholding diversification, to the relative value of a controlling shareholder system prevailing in most of the rest of the world. In this emerging debate, the dichotomy between equity decentralization and equity concentration dominates discourse, but it’s too crude to be understood