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德国的银行控股企业以及其长期雇佣关系对技术积累的帮助

德国的银行控股企业以及其长期雇佣关系对技术积累的帮助

Political economy of modern capitalism - Mapping Convergence and DiversityFirst published 1997, Reprinted 1998, 2000Originally published in French as Lcs ccipiinlismes en Europe by La Decouverte, Paris, 1996.Page 45 of 220German capital markets are not 'markets for control'. Many companies continue to be privately held; only a small part of the productive capital is traded at the stock exchange; banks may hold equity; shareholding is highly concentrated; and shares and companies do not often change hands. Firms finance themselves less through equity than through long-term bank credit. Since banks can cast proxy votes on behalf of shares they hold in deposit, they can effectively monitor management performance, which allows them to give firms long-term loans and creates an incentive for them not to speculate with stock. Labour is similarly present within firms, with workforces exercising legal rights to co-determination through works councils and, where applicable, supervisory board rep

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