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中文摘要：
从股东的监督成本和控制权私人收益出发，分析了股权结构的稳定性和有效性问题。研究认为，股权结构具有一定的流转性，在长期中多个大股东存在的股权结构是最稳定的；基于企业控制权和控制权私人收益的视角，认为多个大股东存在的股权结构是有效的。
英文摘要：
From the view of shareholders＇ supervisory cost and private benefits of control, stability and validity of ownership structure is analyzed in the paper. The paper argues that, ownership structure is changeable; ownership structure that consists of more large shareholders is very stable in the long term. Based on private benefits of control, the paper puts forward that ownership structure that consists of more large shareholders is very valid.
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