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.

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。

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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.

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。

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