Theoretical researches show that the primary agency problem of firms is that large shareholders expropriate minority shareholders in the rising Asian countries, including China,.

• 如果资产评估质量低下，企业股份制改制中的评估增值率异常，这将导致很多企业股份制改制后的产权安排失去公允性，大股东以较少的资产获取了较多的股份，增加对上市公司的控制权。