有时候，我们明确地说设置政策并分配决策权的管理者执行治理，其他时候我们又说规章或一些外部过程对决策进行治理。
Sometimes we explicitly say governance is carried out by governors who set policy and assign decision rights; other times we say decisions are governed by regulations or some external process.
作为企业的外部控制机制，控制权市场通过控制权转移、管理层更替的途径发挥了应有的治理效力，弥补了董事会治理的不足。
And, as an external governance mechanism, it has been effective in selecting low-level enterprises and punishing management with control rights transference and management turnover.
其核心内容是有关企业所有权与企业控制权的具体安排，包括内部治理结构和外部治理机制两方面。
It consists of internal governance structure and external governance mechanism, and its main content is the arrangement of ownership and control.
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