Widely held and controlled companies differ considerably in the governance problems their investors face. In widely held firms, the concern is about opportunism by managers, who exercise de facto control; in controlled firms, the concern is about opportunism by the controlling shareholder at the expense of minority shareholders.
股权分散的公司和股权受控的公司的投资者面临的公司治理问题，有很大的不同。在股权分散的公司，投资者担心的是行使着实际上的控制权的经理们的投机取巧行为；在股权受控的公司，投资者担心的是控股股东牺牲小股东利益的投机取巧行为。