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公司治理的最终表现往往是多种内外因素共同作用而产生的结果。本文重点考察了订约环境即包括一国对股东保护立法和实施的总体水平,公司的资产状况,公司的成长机会以及公司规模对公司治理的影响状况,并且基于亚洲四地区的经验数据,对以上因素进行了回归分析。最后得出,在订约环境中,宏观的法律的规范、完备和高效实施相较于其他微观的因素起到了更加重要的作用。
The ultimate performance of corporate governance is often the result of a combination of internal and external factors. This article examines the contractual environment, including the overall level of a country’s legislation and implementation of shareholder protection, the company’s assets, the company’s growth opportunities and the impact of company size on corporate governance. Based on the empirical data from four Asian regions, The above factors were regression analysis. Finally, we conclude that in a contractual environment, the normative, comprehensive and efficient implementation of macro laws play a more important role than other microeconomic factors.