第一大股东持股比例与对外担保行为负相关；
The first shareholder has a negative relationship with guarantee behavior .
控制权私人收益与第一大股东持股比例显著负相关，与国有股比例不存在显著相关性；
Private benefits of control has negative correlation with the shares of the controlling shareholders and has no significant correlation with the state-owned shares;
当第一大股东持股比例大于50%时，民营上市公司表现为协同效应，而国有上市公司表现为壕沟效应。
When the proportion of the first largest shareholder is more than 50%, the private listed companies perform alignment effects, and the state-owned listed companies perform entrenchment effects.
本文的研究结果显示，第一大股东的持股比例对上市公司的资金侵占和现金股利政策有重要影响。
The results shows that the equity rate of the large shareholder have an important impact on the embezzlement and the cash dividend policy.
第一大股东的持股比例与现金股利高度正相关，与资金侵占呈先上升后下降的倒“U”关系。
The equity rate of the large shareholder has positive impact on the cash dividend, and it has a reversed"U"relationship whit the embezzlement, witch first rising and then declining.
第二大股东持股比例的增大可以增大对控制方的监督力度，从而减小第一大股东的隧道程度。
So the share proportion of the second largest shareholders is increased, it can improve the supervisal to the controllers and reduce the tunneling of the controllers.
研究发现：第一大股东的持股比例与盈余管理之间呈现倒U型关系；
The result shows that: the earnings management presents an inverted-U relations with the proportion of the first major stockholder;
研究发现：第一大股东的持股比例与盈余管理之间呈现倒U型关系；
The result shows that: the earnings management presents an inverted-U relations with the proportion of the first major stockholder;
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