中文摘要：

本文关注了中国社会文化中的＂关系＂特质在上市公司的体系特征及其影响。通过对上市公司前十大股东的调查和分析,我们发现约有50%的上市公司中,其前十大股东之间存在联结关系。在对大股东联结关系进行分类统计的基础上,本文进一步检验了大股东关系的经济后果。研究发现,大股东关系的存在增加了上市公司股东网络的社会资本,社会资本的正向效果比较明显,从而使得大股东之间有联结关系的上市公司,其财务绩效和盈余质量显著高于大股东之间不存在联结关系的公司。

英文摘要：

This paper focuses on effect of the characteristic of relationship（GUANXI）,which is based on the societal culture of the listed company in China.Based an analysis of the top ten shareholders of the listed companies,the paper found that the shareholders＇ relationship exists in about 50 percent of the listed companies.On the basis of classifying the statistics,the paper further examines the economic consequences of large shareholders＇ relationship.It has been suggested that the large shareholders＇ relationship would increase the social capital of shareholders＇ network of the listed companies and its positive effect of the company operation,particularly,the company＇s financial performance and earnings quality would be significantly higher.