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.
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。
The first mover is expected to be Porsche, which now controls Volkswagen, which, in turn, is the largest shareholder in both Scania and MAN.
Porche（保时捷）将一马当先采取行动。它目前控制着Volkswagen（大众），而后者又是Scania（斯堪尼亚）和MAN的最大股东。
The first mover is expected to be Porsche, which now controls Volkswagen, which, in turn, is the largest shareholder in both Scania and MAN.
Porche（保时捷）将一马当先采取行动。它目前控制着Volkswagen（大众），而后者又是Scania（斯堪尼亚）和MAN的最大股东。
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