1, corporate governance structure. Although the mode of separation of decision-making, execution and supervision is widely adopted in the world, different modes are also different. For example, the respective responsibilities of governance and management, the way in which power institutions are generated, and the way in which power operates. For example, under the corporate governance structure of Britain and America, the authority is the shareholders' meeting. Due to the scattered ownership of large companies, active shareholders (active shareholders) are often some large private equity funds, while the rest of investors often adopt the method of "voting with their feet". Corporate governance in Germany and Japan emphasizes the control and active governance behavior of big banks, and the equity is more concentrated, so the company scale is relatively small.
2. Enterprise financing mode. Direct financing and indirect financing have their own advantages. The developed bond market under the Anglo-American system is the best proof of direct financing, while the big consortia and trust consortia under the German-Japanese system prove their dependence on indirect financing. Due to different financing methods, British and American institutional enterprises tend to operate independently, with less cross-shareholding, while Germany, France, Italy and Japan often have criss-crossed shares, forming a cross-shareholding network.
3. The company's investment decision. As the embodiment of the company's business focus, different investment objectives will inevitably lead to different results. Under the market-oriented Anglo-American system, the government plays more of a "night watchman" than a "leader", so enterprises often emphasize market orientation and performance orientation; On the contrary, in countries such as the Four Little Dragons in Asia, South Korea and Singapore, due to the strong government intervention in the economy, enterprises often strictly follow the government's macroeconomic guidance.
4. Company operation management. Centralization, simplification or diversification? Do enterprises need to specialize in a certain Nikki market or a certain industry or department, or should they diversify? Different models naturally have different answers. The Anglo-American model often emphasizes specialization or simplification, so whether Microsoft or ExxonMobil, Coca-Cola or Apple, they often operate in limited industries or departments. However, Asian emerging market countries and regions often emphasize diversification, such as Li Ka-shing, Cheung Kong Industrial (construction and real estate), Hutchison Whampoa (real estate, property management, commercial trade), Cheung Kong Life Science and Technology (medicine and medical care), HEC (public utilities), PCCW and 3 (communication and Internet). They are involved in many industries with different modes and different cycle sensitivities. However, every model has a winner, so the key is not the model, but the wisdom of people.
5. The founding mode and objectives of the company. The establishment of companies in the Anglo-American model is often simpler, and entrepreneurs often choose to push the company to the market and society after creation, making it a public company. So there are few family businesses, especially large family businesses. However, continental Europe and emerging market countries in Asia are often the opposite, with many family businesses and many large unlisted groups. Compared with the former, the latter is much less transparent in finance, legal affairs and operation, and the criss-crossing equity relationship further blurs the latter's economic situation. The latter often has less restrictions, conflicts and exclusions on external investors.