“股权文化”一词是由德国人首先创造的。20世纪90年代初德国对电信业和银行业进行民营化改革,公司管理的概念和方式均发生重大变化,为股东创造价值、致力于股权回报、注意筹资成本已经开始形成风气。其中特别透着文化意味的是两个组织的出现———股权促进会和保护小股东协会 The term “equity culture” was first created by the Germans. In the early 1990s, Germany privatized the telecom and banking industries. Both the concepts and methods of corporate management have undergone major changes. They have created value for shareholders and are committed to return on equity. Attention has been paid to the cost of fund-raising. Particularly culturally transparent is the advent of two organizations - the Association for the Promotion of Private Equity and the Minor Shareholders’ Association