在终极产权的框架下，通过对2005年中国上市公司样本的研究，文章检验了公司大股东的激励效应与壁垒效应。

Under the frame of property, the paper examines incentive effect and entrenchment effect of big shareholder by researching Chinese listed company sample in 2005.

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本文选取了2000年上市公司样本991个，定义了基于股权结构的股东保护变量，并在此基础上研究了股东保护与现金持有量之间的关系。

For a sample of 991 firms from capital market in year 2000, we define the concept of shareholder protection according to equity ownership structure and study its relationship to the cash holdings.

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注意：下面的代码不是IBM公司创建的样本代码。

Note: The following code is sample code not created by IBM Corporation.

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