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Abstract Corporate governance, as an institutional arrangement that harmonizes the internal and external relations of the enterprise, exists in special institutional environments. The selection of governance model is usually restrained by institutional environments. An effective governance model should be compatible with institutional environment. The institutional environment, to a great extent, decides the space of governance model selection, and affects the efficiency of corporate governance. Based on this cognitive path, this paper discusses the correlation between institutional environment and governance model, analyzing the influences of capital structure and multiplex objectives of state-owned enterprises on governance efficiency, and then putting forward the contingency model of governance of state-owned enterprise for further academic study.
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Received: 19 July 2007
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2008, Vol. 1 
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