Based on a two-stage large shareholder exploitation model, we examine the relationship among ownership structure, agency cost and external auditing demand.

本文基于一个两时点大股东掠夺模型，考察了股权结构、代理成本与外部审计需求之间的关系。

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Two years ago, the government required China's 1, 000 largest industrial consumers--which account for about a third of all Chinese energy demand--to establish their own programs and auditing systems to meet efficiency standards.

FORBES: China's Power Problem

Their niche of auditing the thousands of public companies below the first rank is lucrative and does not demand a huge international network.

ECONOMIST: Auditing