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一、融资结构与公司治理结构的对应关系一个与企业融资结构相联系的关于公司治理结构的分类,是莫兰德1995年提出的关于市场导向型和网络导向型的划分。前者的主要特征是存在一个非常发达的金融市场,股权较为分散,对经理人员的约束主要通过竞争性的经理市场和活跃的公司控制权市场来实现;后者的主要特征是公司股权的集中持有、银行债权的比例较大,金融机构在公司监控中起很大作用。
First, the corresponding financing structure and corporate governance structure A business financing structure associated with the classification of corporate governance structure is Molande in 1995 on the market-oriented and network-oriented division. The former is characterized by the presence of a highly developed financial market with relatively decentralized shareholdings and the binding of managers primarily through a competitive market of managers and an active corporate control market. The latter is characterized by a concentration of firm ownership There is a large proportion of bank claims, and financial institutions play a big role in company monitoring.