Comparison between countries that are governed by corporate governance，Scholars found the equity structure between countries、There is a difference between the governance mechanism and the relationship between enterprises。Scholars explained from the social level，I believe that there are mainly legal factors、Political factors or government behavior and other social factors、Cultural factors and historical factors。

　　bet365 Play online games

Legal perspective is the natural continuation of the development of the company's governance。Corporate governance is the current legal system and legal infrastructure that is accompanied by it (legislative、Judicial and Law Enforcement Environment) products。Company governance system in countries around the world、In different periods of each country，There are significant differences。

The mid -to -late 1990s，LLSV first introduced legal factors to explain the origin of a country、Legal body governance of the company、The influence of company value。LLSV's research concentrated on the measures to protect investors at the national level。Its logical thinking can be summarized as: investor protection derives from different sources or laws，Investor's protection level directly affects the selection of a national financial system model，Financing model and ownership structure determine the level of corporate governance，Company governance level affects company value，Affecting company performance and economic development。They think，Investor rights protection is more fundamentally fundamentally determined by the size of the financing organization。La Porta、lovez-de-silanes、series of research on demirguc-kunt and makimovic，Friedman、bet365 best casino games Johnson and mitton, etc.，stronger legal protection and more widely and more valuable capital market、Faster public listing speed、More decentralized ownership structure and other height correlation。

The main point of legal perspective is，The differences between the equity structure between each country are caused by the difference in the level of the legal protection of investors。LLSV Studies Discovery，Equity concentration is significant negative relationship with the legal protection level of investor。A series of articles from LLSV tried to prove such a proposition: the importance of the capital market between countries、The company's ability to obtain external financing and the huge difference between the company's ownership structure，All are caused by the differences in the level of protection of investors。but but，With capital competition, it becomes more and more global，Countries with poor law protection in investor are obviously lost to countries with good legal protection levels in terms of financing capabilities。

　　Political game of corporate governance

It is difficult to explain the legal perspective of legal views.，Because the level of law in these countries is relatively high。Scholars think，Political factors are the key to the concentration of equity structure in the national company in mainland Europe。

With the development of the times，There have been great changes in the institutional arrangements of investors' protection，This level of protection may be determined by the government's recent economic decision -making institute。The question is，How is these decisions formed? Control capture theory indicates，The decision -making of government officials may be affected by the rent -seeking behavior of certain interest groups and distortions。What impact does the interest group have in the field of corporate governance? Morck、Wolfenzon Bet365 app download and YEUNG emphasize the importance of building the political and economic model of formal corporate governance arrangements。

Shleifer and Vishny think，The hand model and freedom of support describing the government behavior is too idealized，There is a large gap between the government behavior in reality。Plorded hand because the government is regarded as a politician who is pursuing self -interest，Description of government behavior is more accurate，Therefore, it is more suitable for standardized and empirical analysis。

ROE explains by constructing a simple model，Even a very complete company method，It is not possible to ensure that there will be scattered equity structures。ROE thinks，Equity concentration of European countries can be explained by political factors。American civilian politics suppresses the right to speak from the financial institutions inside large companies，This affects the institutional structure of large companies: even the richest families in the United States cannot obtain and control the controlling shares of large US companies for a long time，and the system that supports small shareholders also supports the decentralized equity of public companies。European socialist democratic and political force is promoting managers to maintain stable time for employees to hire employees，Even give up some opportunities for projects that can maximize benefits; managers are required to make reasonable use of capital，instead of blindly reduced the scale。This political pressure led managers to deviate from the goal of maximizing shareholders' profits。Another，The mechanism that promotes the decentralization of equity in the United States & mdash; & mdash; equity incentive salary、Transparent financial disclosure system、hostile take care、Maximizing the wealth of shareholders & mdash; & mdash;。So，As a result, companies in Bet365 lotto review these countries have high agency costs (AM)。The controlling shareholder (equity concentration) is the best way to control this cost。

Stulz gave a new explanation to the equity structure based on the government plunder hypothesis: the twin agency problem，& ldquo; The agency issues of insiders inside the company & rdquo; and & ldquo; government ruler's agency issues & rdquo;。Government ruler can plunder investors with government power，When & ldquo; The agency problem of government ruler & rdquo; serious time，Diversified equity structures are not efficient，Concentrated equity structure is relatively efficient，Internal people take measures to reduce the motivation of government plundering but greater。So，With the agency issues of the government ruler, it continues to increase，The company's equity structure will gradually concentrate。The severity of the agency issues of government ruler is unique to each country，Because the ruler who controls the government of a country must be based on national characteristics (such as law、History、Geographical location and economic development level) to determine the degree of plunder，Then it affects the private income of the country's individual。Usually the agency of the company's insiders and the government ruler's agency issues will occur at the same time，intertwined together，Therefore, Stulz regards it as a twin agency problem。When the problem of twin agents is more serious，The scattered equity structure is invalid，Company insiders must jointly invest with other investors，Keep most shares，Adopt a concentrated equity structure。

Bebchuk and Neeman built a formal political and economic model，Among them, the lobbying activities of interest groups affect the level of investor protection。In the model，Company insiders、Institutional Investors (Financial Intermediaries) and Entrepreneurs three Bet365 app download groups lobbying games，resulting in investor protection below the optimal and effective level。They think，In order to maintain market forces，Will actively lobby politicians to take low -level investors protection，This makes it difficult for other companies to finance，so that you cannot enter the market。The level of high protection may be the result of the development of the developed stock market and the level of developed economy to a certain extent.。This model provides a hypothesis about the relationship between investor protection and the relationship between politics and legal decision -making structure，Some results can explain a large number of existing empirical research results，They also pointed out the direction of future empirical research。

　　Cultural perspective

Some countries carried out a series of legal reforms in the 1990s，To improve the level of legal protection of investors。But，The results of these reforms are disappointing without exception，This fact prompt scholars to seek new explanations。Stulz and Williamson and Licht、Goldschmidt and Schwaaz explained from a cultural perspective。

The informal system not only restricts the transaction cost of the optional formal system，and the source of promoting and promoting the formal system that can be selected。Stulz and Williamson think，Cultural influence of corporate governance and the development mechanism of capital market development is mainly three: First, the impact of the formation and development of values。The values ​​that dominate a country depend on its culture。For example，The pursuit of interest may be a sin in a religion，It may be good in another religion。Second, through the impact of the formation and development of the system。For example，The legal system will be affected by culture。Third, the impact of the direction of the resource allocation in the economy。For different bet365 best casino games cultures，Different orientations of resource allocation in the economy。So，From the long run，The content of the formal legal rules should partially reflect the mainstream cultural direction in society，or merge with the direction of mainstream cultural。

　　Perspective angle of stakeholders

Classical corporate governance theory emphasizes & ldquo; Shareholder centralism & rdquo;，But with the development of modern companies，The company's goals are not simply the interests of shareholders，Instead, pay attention to the interests of stakeholders related to the company's operations，Except the shareholders of the traditional company governance、Outside the manager，It also includes creditors、Supplier、Customer、Employee、The community where it is located，This has generated & ldquo; The theory of stakeholders & rdquo;。This theory thinks，Company's performance depends on the cooperation of multiple stakeholders，Do not give more rights and control to shareholders，On the contrary，The company's management should get rid of the pressure of shareholders，Align more rights to other stakeholders，Make the managers bear extensive management tasks，At the same time, the control should be shared between stakeholders，To realize the & ldquo; common governance & rdquo;。

Different problems faced by different stakeholders，The protection of its rights and relief may be different，Therefore, at different levels of corporate governance。If the rights protection and relief channels of the rights related to different interests，Emphasize the difference in the level of governance of the company where it is located，Blind the sharing of control to protect the interests of all interests，Sometimes it may be counterproductive。

The research progress and new trends in the field of governance in the company in recent years，Qi outline a corporate level (equity structure、bet365 Play online games Company Governance)、Bate level (large joint enterprise、Enterprise Group) and Social Level (Law、Politics、Culture、History、Government behavior and other) new analysis frameworks。

(Author Unit: Institute of Quantitative Economics and Economics of the Chinese Academy of Social Sciences)