Investor Protection,Corporate Characteristics and Allocation of Control Rights

Using Chinese listed companies date from 2005-2010,this paper investigates factors that affect the allocation of corporate control rights.Empirical tests find that:regional investor protection has different effects on the large shareholders' control rights due to the different types of the companies.In state-owned companies,regional investor protection has direct and positive impact on shareholders' control rights;while in non-state-owned companies regional investor protection and corporate political connection mutually influence shareholders' control rights.In lowly competitive industry companies,investor protection has significantly positive effect on control rights of large shareholders,but the effect is not obvious in highly competitive industry companies.