TIG焊接技能知识培训(PPT 48页).ppt
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1、qThe opinions expressed do not necessarily re#ect those of the World Bank. Larry H.P. Lang gratefully acknowledges the Hong Kong UGC earmarked grant for research support. We thank Magdi Amin,Jerry Caprio, Chad Leechor, Rapoel La Porta (the referee), seminar participants at the World Bank, the Intern
2、ational Monetary Fund, Vanderbilt University, the Thai Federation of Industries, the Korea Institute of Finance, and especially Tatiana Nenova and Andrei Shleifer for helpful suggestions. *Corresponding author. Tel.: #1-202-473-4748; fax: #1-202-522-0308. E-mail address: sdjankovworldbank.org (S. Dj
3、ankov). Journal of Financial Economics 58 (2000) 81112 The separation of ownership and control in East Asian Corporationsq Stijn Claessens!, Simeon Djankov!,*, Larry H.P. Lang !World Bank, Washington, DC, 20433 USA Chinese University of Hong Kong, Shatin, NT, Hong Kong Received 4 February 1999; rece
4、ived in revised form 1 December 1999 Abstract We examine the separation of ownership and control for 2,980 corporations in nine East Asian countries. In all countries, voting rights frequently exceed cash-#ow rights via pyramid structures and cross-holdings. The separation of ownership and control i
5、s most pronounced among family-controlled rms and small rms. More than two-thirds of rms are controlled by a single shareholder. Managers of closely held rms tend to be relatives of the controlling shareholders family. Older rms are generally family-control- led, dispelling the notion that ownership
6、 becomes dispersedover time.Finally, signicant corporate wealth in East Asia is concentrated among a few families. ( 2000 Elsevier Science S.A. All rights reserved. JEL classixcation: G32; L22 Keywords: Ownership; Control; East Asian corporations 0304-405X/00/$-see front matter ( 2000 Elsevier Scien
7、ce S.A. All rights reserved. PII: S0 30 4 -4 0 5 X (0 0 ) 0 0 0 6 7 - 2 1. Introduction Much of the literature on the role and functioning of the modern rm is based on the assumption of widely dispersed ownership. This notion originally derives from Berle and Means (1932) and has been propagated by
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