3. Influence of ownership system
　　3.1 Insider system
　　<1> Feature
　　a. Most companies listed on local stock exchange are owned and controlled by a small number of major shareholders （the company’s funder）， such as banks, founding family or government.
　　b. Shareholder involved in management, easier to influence management, policy and strategy through ownership and dialogue.
　　<2> Advantages
　　a. Agency problem is reduced. Easier to establish ties between owners and managers （stronger owner-manager links）
　　b. Flexible about the time profits are made, so investors take a long-term strategic view of their investment
　　<3> Disadvantages
　　a. Discrimination against minority shareholders
　　b. Lack of monitoring/governance due to informal governance structures and unwilling to recruit independent NEDs
　　c. Opaque financial transactions and misuse of funds,
　　d. Large shareholders （financial institutional） tend to avoid these shares that are speculative and invest only in blue chip shares
　　3.2 Outsider system
　　<1> Feature
　　a. Shareholding is more widely dispersed
　　b. Manager-ownership separation
　　<2> Advantages
　　a. Separation of ownership and management has provided an impetus for the development of more robust legal and governance regimes to protect shareholders
　　b. Shareholders have voting rights that they can use exercise control
　　c. Hostile takeover as a disciplining mechanism on company management
　　<3> Disadvantages
　　a. Have an agency problem and significant costs of agency
　　b. Large shareholders in these regimes tent to have short-term priorities and prefer to sell their shares
　　通過ACCA考試實屬不易，首先要有執(zhí)著的精神，其次是不斷勤奮的學(xué)習(xí)，高頓網(wǎng)校為大家提供ACCA題庫免費(fèi)做題，希望助大家一臂之力，查看詳情》
ACCA網(wǎng)絡(luò)課程課程專業(yè)名稱講師試聽
85%的人正在學(xué)習(xí)該課程ACCA 全維度網(wǎng)課體驗課程
實景課堂與獨(dú)立錄制
覆蓋所有知識點(diǎn)，根據(jù)學(xué)習(xí)計劃推進(jìn)學(xué)習(xí)進(jìn)度
高頓名師
70%的人正在學(xué)習(xí)該課程ACCA網(wǎng)課全科卡（8.2折）
為零基礎(chǔ)剛開始學(xué)習(xí)ACCA的學(xué)員特別定制		高頓名師