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大股东动机由股改前的“掏空”为主转而为股改后的“扶持”为主，尤其是大股东为国有控股的情形。
The motivation of controlling shareholders changes from 'tunneling' before the reform to 'propping' after the reform, especially when the controlling shareholders are of state-owned.
人们一方面认为国有上市公司所有者缺位，另一方面又指责上市公司大股东对中小股东价值的侵占行为。
On the one hand, people realize the vacancy of the owner of the national listed company, on the other hand, they criticize the inference of the big shareholders to the medium and small ones.
当第一大股东持股比例大于50%时，民营上市公司表现为协同效应，而国有上市公司表现为壕沟效应。
When the proportion of the first largest shareholder is more than 50%, the private listed companies perform alignment effects, and the state-owned listed companies perform entrenchment effects.
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