based on the empirical materials of China and United States based on the practice of China and the United States based on the empirical data of Shanxi province based on the empirical analysis in Fujian based on the empirical data of listed companies of sasac based on the empirical evidence of Chinese privately listed enterprises based on the empirical analysis of Guangdong based on the empirical analysis of provinces in China based on the empirical evidence of listed companies based on an empirical analysis of Zhejiang province