Shareholding Structure, Stakeholder Conduct and Business Investment

The research of corporate governance regards the separation of ownership and control as a basic proposition. Accordingly, the core issue of corporate governance becomes the conflict of interests between stakeholders. Shareholding structure is an important factor in corporate governance structure, and the transformation of different shareholding structures constantly harms or protects the interests of investors. Stakeholders with the listed company most closely are shareholders, creditors and managers. Under different Shareholding structures, the conducts of stakeholders vary widely, resulting in different business investments. With the 20 years of China's capital market development, our Chinese scholars combined with the status quo of enterprises began to reflect and summarize which certain conducts of stockholders would be more powerful for enterprises' development under the existing shareholding structure.