4Randall Morck, Andrei Shleifer, Ownership and Market Valuation: Robert W. Vishny. Management an Empirical Analysis [J]. Jour-hal of Financial Economics, 1988, 20:293 - 315.
5Adolf A. Berle, Gardiner C. Means. The Modern Corporation and Private Property IMP. New York : Maemillan, 1932:45-73.
6Andrei Shleifer, Robert W. Vishny. Management Entrench- ment: The Case of Managerial Specific Investments [ J]. Journal of Financial Economics, 1989, 25 : 123 - 139.
7Michael C. Jensen, William H. Meckling. Theory of the Firm: Managerial Behaviour, Agency Costs, and Ownership Structure [J]. Journal of Financial Economics, 1976, 3:305 -360.
8Charles W. L. Hill, Scott A. Snell. External Control, Corpo- rate Strategy, and Firm Performance in Research - Intensive In- dustries [J]. Strategic Management Journal, 1988, 9: 577- 590.
9Stijn Claessens, Simeon Djankov, Joseph P. H. Fan, Larry H. P. Lang. Disentangling the Incentive and Entrenchment Effects of Large Shareholdings [ J l, Journal of Finance, 2002, 57: 1031 - 1069.
10Guochang Zhang. Ownership Concentration, Risk Aversion and the Effect of Financial Structure on Investment Decisions [ J ] , European Economic Review, 1998, 42:1751 - 1778.
