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本文的研究力图证明造成各国金融体系差异性的一个关键因素是各国政府的腐败程度。腐败政府治理下,企业必须行贿以得到政府保护和租金,贿赂就成为企业生存和发展的前提条件。腐败政府治理下的公司管理层在侵占外部投资者方面变本加厉,因为腐败政府治理下的公司治理更加薄弱。通过实证数据支撑的模型,说明了为什么集中所有权和银行为主导的金融体系在腐败政府统治的国家里盛行,也论证了小股东最容易受到管理层侵占,而在腐败政府治理下这种现象尤为严重。资本市场的发展,尤其是拥有大量小股东的公司金融模式,如分散股权融资模式和证券市场为基础的金融体系,更需要强有力的公共机构和有效率的政府支持。
The research in this paper seeks to prove that one of the key factors that cause the different financial systems in different countries is the degree of corruption in different countries. Corrupt government governance, enterprises must be bribed to get government protection and rent, bribery has become a prerequisite for the survival and development of enterprises. Corporate governance, governed by corrupt governments, has intensified its embezzlement of outside investors as corporate governance under corrupt government rules becomes weaker. The model supported by empirical data shows why centralized ownership and bank-dominated financial systems are prevalent in countries dominated by corrupt governments and also demonstrate that minority shareholders are the most vulnerable to managerial encroachment, especially under corrupt government governance serious. The development of capital markets, especially corporate financial models with a large number of minority shareholders, such as diversified equity financing models and securities market-based financial systems, also require strong public agencies and efficient government support.