至于股权结构的安排何为适度呢?这就需要进一步的具体分析。剔除不同国家的历史、文化和经济发展历程方面的差异性，用“经济观点”来讲，股权结构的选择要涉及两个关键成本:

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:

一是风险成本，即投资者投资的方向所带来的风险损失;

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 效率而发生的成本，它主要包括治理的组织结构本身发生的成本和治理活动的组织协调成本。

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.

上述两种成本与股权的集中与分散程度有密切的关系。如果公司拥有一个控股股东;按照所有权与剩余收益权相匹配原则，企业所取得的一切利益应该大部分归该出资者所有;在利益的驱动下，投资者为追求利益的大化，就会利用一切制度和手段积极主动地监控经营者的经营行为。

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.

这种由投资者进行的监控属于内部监控，因而监控花费少，治理成本低;但由于股份高度集中在一个投资者手中，对投资者来说投资风险大，风险成本高，而且在拥有既定投资数额的情况下，投资人可接受的风险将随着公司规模的增大而增大(Demsetz，1995)因此，在一家公司中投入巨资的所有者更有可能推崇低风险公司战略。

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.

治理成本是一条从左上方向右下方倾斜的曲线。它代表股权集中度越高，治理成本越低;风险成本曲线是从左下方向右上方倾斜的曲线，它反映了股权集中度越高，风险水平就越高的情况。因此，股权越集中，风险成本越高，治理成本较低;股权越分散，治理成本较高，风险成本较低。

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.

采取何种股权结构，关键看二者的均衡所产生的总成本的大小。A点是治理成本曲线与风险成本曲线相交点，此点为股权集中度好点，因为它对应着总成本曲线的低端B点。但是，由于风险成本比较难以度量，并且系统风险是无法消除的，即使其量能够度量，度量所需成本也会很高

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