Large Shareholders And Corporate Governance Research

More and more empirical studies proved, concentration of shares and appearance of large shareholders become international trend of corporate governance. Under the frame of "large shareholders—managers—outside shareholders", the rule and position of large shareholders in corporate governance will be discussed. Furthermore, the commonly existing problem of large shareholders within mainland listed companies will be deeply analyzed and compared.In fact, large shareholders influence even control corporation governance in many ways: concentration of shares endows large shareholder right of decision-making, so small shareholders can only advise, monitor and meaninglessly vote; therefore, probably, all shareholders pay for large shareholder's individual profits if large wants, and pursuing the private benefit of control has externality. In some way, large shareholders expropriate small shareholders' profits; to enhance managers' enthusiasms or considering the possibility of cahoots between large shareholders and managers, different aims among large shareholders, managers and outside shareholders will make governance more complex. Accordingly, how to decrease, even avoid large shareholders' expropriation and make good use of large shareholders' supervision advantages becomes a hot topic in the field of ameliorating corporate governance.Consulting foreign experiences, reasonable investors' protection rules will restrain large shareholders' expropriation, for example, USA and UK established comparatively perfect rules to protect investors, which help balance the rights and profits for all sides and buildup investors' confidence.But shares' extreme concentration and non-floating specialty created by China's...