中文摘要：

本文以班纳德孙一范氏模型为基础，通过对国美电器从“家族经营一家族所有权”到“家族经营一所有权分散”，再到“职业经营一所有权分散”的治理结构变迁过程的分析，揭示了微观层面的最佳治理结构选择是由宏观层面的制度环境因素决定的，即公司治理结构会随着制度环境的变化而变化。

英文摘要：

Based on BennedsenFan model, this paper examines the corporate governance structure change of GUOMEI： from ＂family operationfamily ownership＂ to ＂family operation- dispersed ownership＂, and then to ＂professional operation- dispersed ownership＂ . The evidence suggests that corporate governance structure of private finns in China is determined by institutional environment.