Empirical Studies on Collusion between Major Shareholders Company Managers and Supervision Efficiency

摘要

There are different views in theoretical studies about whether major shareholders' supervision over managers will be strengthened or weakened when major shareolders and managers collude together to infringe the interests of minority shareholders. This paper studies the issue by utilizing the data of listed companies in China from 2003 to 2005. Study shows that the opportunism conducts of managers of listed company are closely correlated with major shareholders occupation on the fund of listed company; the higher e xtent that ma jor shareholders occupy listed company's funds, the severer opportunism conducts managers have, which means that collusion between major shareholders and managers will wea ken ma jor shareholders' supervision efficiency over co mpany managers.