Ownership Structure and Protection of Investors’ Benefits: Evidence from Chinese Listed Companies

摘要

Ownership concentration is a substitute of laws because laws can not protect investors' benefits. But at the same time, controlling shareholders plunder investors' benefits. By empirica l analysis of ownership structure of China's listed companies, we can find that ownership concentration, firm-controlling shareholders and balanced-ownership structure can protect investors' benefits to a certain e xtent. In the end the measures of the protection of investors' benefits are put forward.