Although these arguments sound reasonable to some extent, they are not practical in certain environment, especially in some developing countries full of corruption and bribes. For the first group of researchers, who believe companies could maximize the return of investment by following market rules, their idea is infeasible in some areas full of corruption and bribes. market discipline is not omnipotent. The concept of market failure has been created to describe the situation that market cannot play its role well. According to economic theory, free competition will end with monopoly. The invisible hand of market should be restricted by the visible hand of macroeconomic management. The local government, in fact local officials, is in charge of the macroeconomic management. That means the local officials control the power of allocating resources to some extent. When market failure occurs, it could be said the local officials are in charge of the fate of companies. For example, if one company need bank loan from local bank to expand business, it has to consider the influence of related officials. In some countries full of corruption or bribe, the officials in key positions may request bribe of companies. In this situation, if the company does not offer bribe, it will have no bank loan to improve its technology or management.