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近期研究表明,各国上市公司所有权的集中程度、资本市场的广度与深度、红利(分配)政策以及企业获得外部融资的途径存在着巨大差异。其中,投资者(股东与债权人)在多大程度上受到了法律的保护、以免受公司经理和控股股东剥夺,是对这些差异的解释中的一个通用要素。我们阐述了各国法律以及执法效率的差异,讨论了这些差异可能的起因,概述了它们的影响,并评估了公司治理改革的可能策略。在理解公司治理及其改革上,人们习惯把金融体制分为以银行为中心的体制和以市场为中心的体制。我们认为,与这种方法相比,基于法律的进路更富有成效。
Recent studies have shown that there is a huge difference in the degree of ownership of listed companies in various countries, the breadth and depth of capital markets, dividend (distribution) policies and the ways in which enterprises obtain external financing. The extent to which investors (shareholders and creditors) are protected by law from corporate managers and controlling shareholders is a common element in the interpretation of these differences. We set out the differences between the laws of various countries and the efficiency of law enforcement, discussed the possible causes of these differences, outlined their impact, and evaluated possible strategies for corporate governance reform. In understanding corporate governance and its reform, people are used to dividing the financial system into a banking-centric system and a market-centered system. We believe that the law-based approach is more effective than this approach.