中文摘要：

基于股权结构的内生性视角,本文采用我国沪市上市公司的集合截面数据和面板数据,对我国上市公司股权制衡与控股股东关联交易型＂掏空＂的作用关系进行了实证研究。研究结果表明：从上市公司股权结构的外生性出发,股权制衡度能够制约上市公司与其控股股东集团之间的关联交易行为,尤其是侵占型关联交易;考虑到股权结构的内生属性,上市公司与其控股股东之间的关联交易额（尤其是侵占型关联交易额）增加比例越大,公司股权制衡度上升比例就越高。

英文摘要：

Based on the endogeneity of corporate ownership structure, this article studies the mutual effects between shareholders＂ balance mechanisms （short as SBM） and tunneling from controlling shareholder＇s related party transactions （short as RPTs） using the pooled ＆ panel data of Chinese listed companies in Shanghai securities market. The empirical evidence shows that there are significant negative associations between SBM and RPTs based on the exogeneity of corporate ownership structure, which suggests that RPTs, especially RPTs that are result in expropriation of the minority shareholders （short as ERPTs）, expropriation type of RPTs, can be restricted by SBM. Furthermore, taking into account of the endogeneity of corporate ownership structure, we also find that the higher level of RPTs increase, the higher degree of SBM rise, especially for ERPTs.