本文的研究结果显示，第一大股东的持股比例对上市公司的资金侵占和现金股利政策有重要影响。
The results shows that the equity rate of the large shareholder have an important impact on the embezzlement and the cash dividend policy.
第一大股东的持股比例与现金股利高度正相关，与资金侵占呈先上升后下降的倒“U”关系。
The equity rate of the large shareholder has positive impact on the cash dividend, and it has a reversed"U"relationship whit the embezzlement, witch first rising and then declining.
第一大股东持股比例与对外担保行为负相关；
The first shareholder has a negative relationship with guarantee behavior .
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