实践经验表明不同的股权结构设计和不同的制度安排会产生不同的公司治理效果。

Practical experience shows that ownership structure of different design and different institutional arrangements can produce different effects of corporate governance.

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股权结构是公司治理的基础和重要影响因素，决定了公司治理的整个制度安排。

Ownership structure plays a fundamental role in terms of corporate governance and therefore is an important factor determining the whole institutional arrangement of corporate governance.

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