When comparing corporate governance across countries，Scholars discovered the ownership structure among countries、There are differences in governance mechanisms and relationships between enterprises。Scholars have explained this from a social perspective，Think there are mainly bet365 offer factors、Political factors or government actions and other social factors、Cultural factors and historical factors。

　　bet365 offer Perspective

The bet365 offer a natural continuation of the development of the field of corporate governance。Corporate governance is, to a certain extent, the current legal system and the accompanying legal infrastructure (legislation、The product of the judicial and law enforcement environment, etc.。Corporate governance systems in countries around the world、At different times in each country，Both are significantly different。

　Mid and late 1990s，LLSV first introduces bet365 offer factors to explain the origin of a country’s law、bet365 offer system on corporate governance、The impact of company value。LLSV’s research focuses on measures to protect investors at the national level。The logical idea can be summarized as: the degree of investor protection comes from different bet365 offer sources or bet365 offer systems，The degree of investor protection directly affects the model choice of a country’s financial system，Financing model and ownership structure determine the level of corporate governance，Corporate governance level affects company value，Influence company performance and economic development。They think，The protection of investor rights is a more fundamental factor in determining financial development than the scale of financing organizations。La Porta、Lopez-de-silanes、Series of studies by Shleifer and Vishny and Demirguc-Kunt and Makimovic，Friedman、Research by Johnson and Mitton et al.，Stronger bet365 offer protection of investor rights and broader and more valuable capital markets、Faster public listing、Highly relevant, such as more dispersed ownership structures。

The main point of view from the bet365 offer，Differences in shareholding structures between countries are caused by differences in the level of legal protection for investors。LLSV research discovery，There is a significant negative relationship between ownership concentration and the level of investor legal protection。A series of articles by LLSV try to prove such a proposition: the importance of capital markets among various countries、There are huge differences in the ability of companies to obtain external financing and the ownership structures of companies，All are caused by differences in the level of legal protection for investors。However，As competition for capital becomes increasingly global，Countries with poor legal protection for investors will obviously lose to countries with good legal protection in terms of financing capabilities。

　　Political Game of Corporate bet365 offer

It is difficult to explain the highly concentrated shareholding structure of companies in continental European countries from a bet365 offer perspective，Because the level of investor bet365 offer protection in these countries is relatively high。Scholars believe，Political factors are the key to the concentration of corporate ownership structures in continental European countries。

With the development of the times，Countries have made great changes in the institutional arrangements for investor bet365 offer，This level of bet365 offer may be determined in part by recent economic decisions by governments。The problem is，How these decisions are made？Regulatory capture theory shows，The decision-making of government officials may be affected and distorted by the rent-seeking behavior of certain interest groups。What impact do interest groups have in the field of corporate governance？Morck、Wolfenzon and Yeung emphasize the importance of constructing political economy models of formal corporate governance arrangements。

Shleifer and Vishny think，Both the supporting hand model and the laissez-faire view describe bet365 offer behavior in an overly idealistic manner，There is a big gap with the actual bet365 offer behavior。The predatory hand sees the bet365 offer as composed of politicians pursuing self-interest，A more accurate description of bet365 offer actions，Therefore more suitable for normative and empirical analysis。

Roe illustrates by building a simple model，Even a very complete company law，There is no guarantee that a dispersed shareholding structure will emerge。Roe thinks，The concentration of bet365 offer in companies in European countries can be explained by political factors。Populist politics in the United States suppress the voice of financial institutions within large companies，This affects the institutional structure of large companies: even the richest families in the United States cannot acquire and control controlling shares of large American companies for a long time，And the system that supports small shareholders also supports the diversified bet365 offer of public companies。Europe’s socialist democratic political power encourages managers to maintain the stability of employee employment，Even give up some opportunities for projects that can maximize profits；Require managers to make reasonable use of capital，Instead of blindly downsizing when the market is weak。This political pressure causes managers to deviate from the goal of maximizing shareholder profits。Also，Mechanisms that promote shareholding dispersion in the United States——Equity incentive compensation、Transparent financial disclosure system、Hostile takeover、Standard Wealth Maximization Principle——Weakened by the socialist democratic politics of continental European countries。Therefore，Leading companies in these countries to have higher agency costs (Am)。Controlling shareholders (concentrated bet365 offer) are the best way to control this cost。

Stulz gave a new explanation of ownership structure based on the government plunder hypothesis: twin agency problem，i.e. “Agency problem for company insiders”and“The agency problem bet365 offer”。Government rulers can use government power to rob investors，When“The agency problem bet365 offer”In severe cases，A dispersed ownership structure is inefficient，Concentrated ownership structure is relatively efficient，Insiders have greater motivation to take measures to reduce government plunder。Therefore，As the agency problem bet365 offer continues to intensify，The company’s ownership structure will gradually become more concentrated。The severity of the agency problem bet365 offer is unique to each country，Because those rulers who control the government of a country must base their decisions on the characteristics of the country (such as laws、History、Geographical location and level of economic development) to determine the degree of plunder，In turn, it affects the private income of individuals in the country。Usually the agency problem of company insiders and the agency problem bet365 offer appear at the same time，And intertwined，Thus Stulz treats it as a twin agent problem。When the twin agent problem is serious，A dispersed ownership structure is ineffective，Company insiders must invest together with other investors，Retain the majority of shares，Adopt a concentrated ownership structure。

Bebchuk and Neeman construct a formal political economy model，The lobbying activities of interest groups affect the level of investor protection。In model，Company insider、Three groups of institutional investors (financial intermediaries) and entrepreneurs lobby to influence the level of investor protection set by officials，Leading investor protection below the optimal and effective level。They think，Incumbent companies want to maintain market power，Will actively lobby politicians to adopt low levels of investor protection，This makes it difficult for other companies to raise funds，Thus unable to enter the market。The high level of protection may be, to a certain extent, a result rather than a cause of developed stock markets and developed economies。This model provides a hypothesis about the relationship between differences in investor protection and political and bet365 offer decision-making structures，Some results can explain a large number of existing empirical research results，They also pointed out the direction of future empirical research。

　　Cultural bet365 offer

Some countries carried out a series of bet365 offer reforms in the 1990s，To improve the level of bet365 offer protection for investors。However，The results of these reforms are without exception disappointing，This fact has prompted scholars to seek new explanations。Stulz and Williamson and Licht、Goldschmidt and Schwaaz gave an explanation from a cultural perspective。

Informal institutions not only constrain the transaction costs of alternative formal institutions，But also a source of promotion and promotion of alternative formal institutions。Stulz and Williamson think，There are three main mechanisms by which culture affects corporate governance and capital market development: one is through the influence of the formation and development of values。The dominant values ​​in a country depend on its culture。For example，The pursuit of profit can be a sin in a religion，In another religion it might be an act of kindness。The second is through the influence on the formation and development of the system。For example，The bet365 offer system is affected by culture。The third is through the influence of the direction of resource allocation in the economy。For different cultures，Different orientations of resource allocation in the economy。Therefore，In the long run，The content of formal bet365 offer rules should partly reflect the prevailing cultural direction in society，Or integrate with the mainstream cultural direction。

　　Stakeholder bet365 offer

Classical corporate bet365 offer theory emphasizes ";Shareholder Centrism”，But with the development of modern companies，The company’s goal is not simply to maximize shareholders’ interests，Instead, focus on the interests of stakeholders relevant to the company’s operations，Except shareholders covered by traditional corporate bet365 offer、Outside of Manager，Also includes creditors、Supplier、Customer、Employees、Community, etc.，This resulted“Stakeholder Theory”。This theory holds that，Company performance depends on the cooperation of multiple stakeholders，Should not give more power and control to shareholders，Opposite，Company management should be freed from shareholder pressure，Give more power to other stakeholders，Assign managers to undertake a wide range of management tasks，Also control should be shared among stakeholders，In order to achieve the&ldquo of stakeholders;Shared bet365 offer”。

Since different stakeholders face different problems，The bet365 offer of their rights and remedies may be different，Thus at different levels in corporate governance。If the rights bet365 offer and remedies of different stakeholders are ignored，Emphasis on the different levels of corporate governance，Protect the interests of all stakeholders through the sharing of control rights，Sometimes it can be counterproductive。

Research progress and new trends in the above-mentioned corporate governance fields in recent years，Outline a corporate-level (ownership structure、Corporate Governance)、Inter-enterprise level (large conglomerates、Business Group) and social level (bet365 offer、Politics、Culture、History、A new analytical framework composed of government behavior and others。

(Author’s unit: Institute of Quantitative and Technical Economics, Chinese Academy of bet365 offer)