中文摘要：

基于股权结构内生性视角，对形成多个大股东相互制衡的股权结构之影响因素及此类股权结构对公司价值的影响进行了经验检验。结果表明：一方面，在投资者保护较差的地区注册的上市公司内部更容易形成多个大股东的股权结构，公司股东总数越少的公司越容易形成多个大股东；另一方面，多个大股东共存的股权结构提升了上市公司的价值，从而有利于保护公司外部中小股东的财富。

英文摘要：

Based on endogeneity of ownership structure, this paper empirically analyzes the factors resulting in presence of multiple large shareholders and its effects on firm value. It shows that, one hand the poorer investor protection and the more total amount of shareholders, the more possible of presence of multiple large shareholders ; on the other hand, this kind of ownership structure benefits firm value and wealth of minority shareholders.