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来源：百度知道 编辑：UC知道 时间：2024/06/20 14:47:03
If Chinese firms did use retained earnings to attract external credit in the early stages of reform, the relationship between retained earnings in that context contradict both theory and empirical findings in the West. Yet in both contexts, the desire for autonomy ultimately underlies firm behavior, and, in fact, the same basic mechanism explains the seemingly juxtaposed outcomes. Research on institutional processes suggests that historical paths create critical components of markets, such as retained earnings, and the rules governing market behavior can have dramatically different meanings in different contexts (Hamilton and Biggart 1988). Historical processes that generate both the meanings associated with markets and the rules of the game can produce divergent trajectories from the same basic mechanism. In the case of retained earnings and borrowing behavior, the critical difference between the behavior of Chinese managers during transition and their western counterparts is the way

如果中国公司并利用留存收益来吸引外部信用的早期阶段改革之间的关系,在此背景下,留存收益理论与实证研究相抵触。然而,不管是在语境,渴望自治的行为,并最终信仰者,事实上,相同的基本原理解释结果似乎并列。研究表明,在制度化过程的关键部件的历史路径创造市场,如留存收益、市场行为的规则可以有不同的意思不同背景(汉密尔顿和Biggart 1988)。历史过程产生的含义与市场和游戏规则会产生分歧的轨迹相同的基本机制从。在这个案例中,借贷行为、留存收益的关键区别中国管理者的行为及其西方同行过渡过程的方法评估潜在自主管理与资本项目资助留存收益。在这两种情况下,减少依赖是一种重要的动因、资源依赖理论提出Mintz(1985年,舒Salancik,1978年)的分离和能力,但该公司外部表演者来控制导致非常不同的表现为独立的渴望。结果在西方是管理者运用他们的收益,而不是牺牲的自治。而在中国,我认为相反的是真实的。那就是我希望经理用于对信号的安全、留存收益获取外部资金。