Financial Systems, Corporate Finance and Corporate Governance
Financial Systems, Corporate Finance and Corporate Governance
复制标题
金融体系、公司财务和公司治理
DOI：
10.1111/1468-036x.00047
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发表时间：
1997
期刊：
影响因子：
--
通讯作者：
M. Tyrell
中科院分区：
文献类型：
--
作者：
R. Schmidt;M. Tyrell
工业化国家的金融体系通常分为资本市场主导或银行主导。本文试图阐明这种区别的有效性。为此，它分析了金融部门相对于企业部门的两个具体角色：融资或融资业务的角色以及资本市场和银行在公司治理背景下的角色。我们对文献中相关发现的分析表明，各国的融资模式非常相似，而公司治理体系却截然不同。本文讨论了如何使这些不同的发现与现有理论相一致，以及它们对不同国家的公司治理体系是否有与公司融资模式看起来相似的趋势这一问题可能产生的影响。
Financial systems of industrialised countries are usually classified as being either capital market‐ or bank‐dominated. This paper tries to shed some light on the validity of this distinction. In order to do this, it analyses two specific roles of the financial sector vis‐a‐vis the enterprise sector: the role of financing or funding business and the role of capital markets and banks, respectively, in the context of corporate governance. Our analysis of the relevant findings in the literature shows that financing patterns are quite similar between countries, while corporate governance systems are quite dissimilar. The paper discusses how these divergent findings could be made compatible with existing theories and what implications they may have for the question of whether there is a tendency for corporate governance systems in different countries to become as similar as corporate financing patterns seem to be.