公司融资结构与治理结构的国际比较研究

在公司融资结构方面，美英模式是证券市场主导型，而日德模式则为银行导向型在公司股权结构方面，美英的主要特征是分散化，而日德则以法人集中持股为特征。以上差别形成了两种模式在公司股权约束机制、融资结构约束机制、董事会职能以及激励机制等公司治理结构上的截然不同。时这两种模式的比较研究能给我国公司融资与治理结构的改革提供启示和借鉴。

International Comparison of Corporate Financing and Governing Structure

In corporate financing structure, the securities market plays a major role in U.S-U.K model, while Japan-Germany model is bank-oriented. In corporate stock-right structure, U.S-U.K model is characterized by dispersedness, while Japan-Germany model is marked with concentration, which as a whole forms completely different corporate governing. The comparison and analyses of these two models can enlighten us on our reformation of corporation financing and governing structure.