当前,世界上大部分国家的企业股权不是分散而是相当集中的,相应地,公司代理冲突更普遍地表现在大股东与公司其他利益相关方之间。这一代理问题在新兴市场上尤其严重。作为公司治理,财务理论的最新发展,“大股东行为方式及其后果”正成为国际上的研究热点。我国当前的宏观环境以及上市公司特殊的股权结构,也为这一领域的研究提供了难得的机会。国内针对大股东问 At present, the shareholding of enterprises in most countries in the world is not scattered but rather concentrated. Correspondingly, corporate proxy conflicts are more commonly found between major shareholders and other stakeholders in the company. This agency problem is particularly acute in emerging markets. As the latest development of corporate governance and financial theory, “the behavior of major shareholders and its consequences ” is becoming an international research hot spot. The current macroeconomic environment in our country and the special ownership structure of listed companies also provide a rare opportunity for the research in this field. Domestic for large shareholders asked