至于股權結構的安排何為適度呢?這就需要進一步的具體分析。剔除不同國家的歷史、文化和經濟發展歷程方面的差異性，用“經濟觀點”來講，股權結構的選擇要涉及兩個關鍵成本:

As for the arrangement of ownership structure, what is appropriate? This requires further specific analysis. Excluding the differences in the history, culture and economic development process of different countries, in terms of "economic point of view", the choice of ownership structure involves two key costs:

一是風險成本，即投資者投資的方向所帶來的風險損失;

First, the risk cost, that is, the risk loss caused by the direction of investors' investment;

二是治理成本，即保持公司治理的高 效率而發生的成本，它主要包括治理的組織結構本身發生的成本和治理活動的組織協調成本。

The second is the cost of governance, that is, the cost of maintaining the high efficiency of corporate governance. It mainly includes the cost of the organizational structure of governance itself and the cost of organization and coordination of governance activities.

上述兩種成本與股權的集中與分散程度有密切的關系。如果公司擁有一個控股股東;按照所有權與剩余收益權相匹配原則，企業所取得的一切利益應該大部分歸該出資者所有;在利益的驅動下，投資者為追求利益的大化，就會利用一切制度和手段積極主動地監控經營者的經營行為。

The above two costs are closely related to the concentration and dispersion of equity. If the company has a controlling shareholder; According to the principle of matching ownership with residual income right, most of all benefits obtained by the enterprise should belong to the investor; Driven by interests, investors will use all systems and means to actively monitor the business behavior of operators in order to pursue the maximization of interests.

這種由投資者進行的監控屬于內部監控，因而監控花費少，治理成本低;但由于股份高度集中在一個投資者手中，對投資者來說投資風險大，風險成本高，而且在擁有既定投資數額的情況下，投資人可接受的風險將隨著公司規模的增大而增大(Demsetz，1995)因此，在一家公司中投入巨資的所有者更有可能推崇低風險公司戰略。

This kind of monitoring by investors belongs to internal monitoring, so the monitoring cost is less and the governance cost is low; However, due to the high concentration of shares in the hands of one investor, the investment risk is high and the risk cost is high for investors, and the acceptable risk of investors will increase with the increase of the size of the company (Demsetz, 1995). Therefore, owners who invest a lot of money in a company are more likely to advocate the strategy of low-risk companies.

治理成本是一條從左上方向右下方傾斜的曲線。它代表股權集中度越高，治理成本越低;風險成本曲線是從左下方向右上方傾斜的曲線，它反映了股權集中度越高，風險水平就越高的情況。因此，股權越集中，風險成本越高，治理成本較低;股權越分散，治理成本較高，風險成本較低。

Governance cost is a curve inclined from top left to bottom right. It means that the higher the ownership concentration, the lower the governance cost; The risk cost curve is inclined from the bottom left to the top right, which reflects that the higher the equity concentration, the higher the risk level. Therefore, the more concentrated the equity, the higher the risk cost and the lower the governance cost; The more dispersed the equity, the higher the governance cost and the lower the risk cost.

采取何種股權結構，關鍵看二者的均衡所產生的總成本的大小。A點是治理成本曲線與風險成本曲線相交點，此點為股權集中度好點，因為它對應著總成本曲線的低端B點。但是，由于風險成本比較難以度量，并且系統風險是無法消除的，即使其量能夠度量，度量所需成本也會很高

What kind of ownership structure to adopt depends on the total cost caused by the balance of the two. Point a is the intersection of governance cost curve and risk cost curve. This point is a good point for equity concentration, because it corresponds to point B at the low end of the total cost curve. However, because the risk cost is difficult to measure and the system risk cannot be eliminated, even if its quantity can be measured, the cost of measurement will be very high