Ownership Structure,Multiple Large Shareholders and Firm Value——Based on Endogeneity of Ownership Structure

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.