以沪深主板上市公司2008-2012年数据为研究样本,实证检验了控股股东、股权制衡与市场联动的关系。结果显示,控股股东持股比例及股权制衡度与市场联动均有显著的负相关关系。进一步引入企业规模作为调节变量后发现,企业规模对控股股东持股比例与市场联动的负相关关系有负向调节作用,而对股权制衡度和市场联动间的关系没有调节作用。 Taking the data of 2008-2012 of the listed companies in Shanghai and Shenzhen stock market as the research sample, this paper empirically tests the relationship between the controlling shareholder, equity balance and market linkage. The results show that the controlling shareholder of the proportion of ownership and equity balance and market linkage have a significant negative correlation. After further introducing the scale of enterprises as a regulatory variable, it is found that the scale of the enterprises has a negative regulatory effect on the negative correlation between the proportion of the controlling shareholders’ shareholdings and the market linkage, while there is no adjustment on the relationship between the equity balance and the market linkage.