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中文摘要：
本文通过建立适合我国上市公司的用以衡量大股东股权制衡的方法，在事件研究的基础之上，对大股东股权制衡和公司并购绩效两者的关系进行了分析。实证研究表明，公司的股权制衡程度越高，并购绩效越好；在第一、二大股东股权性质相同的上市公司中，股权制衡难以发挥效用。这说明建立有效的股权制衡机制，促进大股东股权性质的多样性，对公司治理具有积极作用。
英文摘要：
By establishing applicable methods to measure stock ownership check - and - balance of big shareholders, this article investigates the relationship between stock ownership check - and - balance of big shareholders and M＆A performance on event - study methodology. Empirical results show that check - and - balance of stock ownership will improve M＆A performance. In the companies whose first and second big shareholders have the same nature of ownership rights, the check - and - balance of stock ownership cannot play an active role. The results suggest that setting up the mechanism of stock ownership check - and - balance and promoting the diversification of ownership structure are beneficial to corporate governance.
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Financial relationships, banking structure and financing constraints: evidence from private enterpri
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