The Impact of Controlling Shareholder on Over-investment——Empirical Evidence from China's Listed Companies

Investment is usually regarded as the link between share structure and corporate value,because share structure can not directly affect investment.This paper starts with the equity centralism of listed companies in China,empirically studies the relationship between controlling shareholder' cash right,control right and abruption of them with over-investment behavior.Verify that controlling shareholders have not only trend of hollowing listed companies,but also effect of sustaining them.