When shares of controlling stockholders are below 45.9%, the evidence shows entrenchment effect, while shares of controlling stockholders are over 45.9%, the evidence shows alignment effect.

• 反之，当第一大股东持股比例＞45.；9%25时，证据支持利益趋同效应，它会选择较多的负债，充分利用负债的财务杠杆和税盾作用，用心经营公司。