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1、ForthcomingJournalofFinanceDisentanglingtheIncentiveandEntrenchmentEffectsofLargeShareholdings*StijnClaessens,SimeonDjankov,JosephP.H.Fan,andLarryH.P.LangSeptember10,2001AbstractThisarticledisentanglestheincentiveandentrenchmenteffectsoflargeownership
2、.Usingdatafor1,301publiclytradedcorporationsineightEastAsianeconomies,wefindthatfirmvalueincreaseswiththecash-flowownershipofthelargestshareholder,consistentwithapositiveincentiveeffect.Butfirmvaluefallswhenthecontrolrightsofthelargestshareholderexcee
3、ditscash-flowownership,consistentwithanentrenchmenteffect.Giventhatconcentratedcorporateownershipispredominantinmostcountries,thesefindingshaverelevanceforcorporategovernanceacrosstheworld.*UniversityofAmsterdamandCentreforEconomicPolicyResearch;World
4、BankandCentreforEconomicPolicyResearch;HongKongUniversityofScienceandTechnology;andChineseUniversityofHongKong,respectively.JosephP.H.FangratefullyacknowledgestheHongKongGovernment’sEarmarkedGrantforresearchsupport.LarryH.P.Langgratefullyacknowledgest
5、hefinancialsupportoftheHongKongGovernment’sEarmarkedGrantandDirectGrant.TheauthorsaregratefulforthehelpfulcommentsofLucianBebchuk,ErikBerglof,AlexanderDyck,CarolineFreund,EdGlaeser,SimonJohnson,TarunKhanna,FlorencioLopez-de-Silanes,RandallMorck,Tatian
6、aNenova,RaghuramRajan,HenriServaes,DanielWolfenzon,andLuigiZingales;ofthearticle’stwoanonymousreferees;ofseminarparticipantsattheWorldBank,InternationalMonetaryFund,FederationofThaiIndustries,GeorgetownUniversity,GeorgeWashingtonUniversity,HongKongUni
7、versityofScienceandTechnology,KoreanDevelopmentInstitute,KoreaInstituteofFinance,VanderbiltUniversity,UniversityofIllinois,UniversityofMichigan,UniversityofAmsterdam,1999NationalBureauforEconomicResearchsummerconferenceoncorporatefinance,2000AmericanE
8、conomicAssociationannualmeetings;andespeciallyofRafaelLaPorta,AndreiShleifer,andReneStulz.Anearlierversionofthisarticlewascalled“Expropriationofminorityshareholders:EvidencefromEastAsia.”Theopinionsexpressedheredonotnecessarilyreflectthoseofth
