Because of the equity concentration of listed companies in China, shareholder groups divided into two interest groups: controlling shareholders and minority shareholder.

在我国，由于上市公司股权高度集中，使得股东群体分化为控制性大股东和中小股东两个不同的利益集团。

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Under these conditions, equity is overpriced relative to a valuation which fully accounts for the conflicts of interest between minority and majority investors.

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