Mortgage company

1. Distance mode of financing--the United States, for example. United States is a typical liberal market economy, with developed capital market and a highly competitive commercial banking system, which allows a company to use both direct and indirect financing channels. Due to the high rate of enterprise's own funds, commercial banks competitive, developed system of direct financing, prohibiting commercial banks hold shares in companies and banking activity is subject to strict oversight, so maintaining a loose form of commercial financing between Bank and relations, namely "distance of financing". In the distance mode of financing, the stock market is the main channel of enterprise external long-term funds. Enterprises through the issuance of debt and equity financing from capital markets. From the perspective of equity control, United States enterprises are dispersed ownership structure have a major impact on the governance structure: constraints on operators from markets. These markets, including stock markets, commodity markets and Manager of the market, the stock market has a very important role: first, shareholders "vote with their feet" constraint. Because the stock market is full of liquidity and facilitate transactions, when shareholders of enterprises in general business conditions are not satisfied or not trusted to incumbent managers, will be selling shares in the stock market, this is known as the "voting with their feet". It caused the company's stock price to fall, companies face a series of difficulties and crises. Second, the stock market "take over" risk. Stock market operations flexibly promote the merger and acquisition of enterprises, in particular the development of leveraged buyouts and hostile takeover, once the business well, there may be taken over, the operator may be replaced. Market constraints on operators form a strong external oversight mechanism. Corporate governance structure that formed a relatively complete the right checks and balances, external and internal governance structure the governance structure independent of each other and of checks and balances, ownership, control, and management of distribution and configuration with a stable and standardized system.

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