A Study On The Shareholders’ Behavior Of Listed Companies Based On Symbiosis Theory: A Research Framework

Research on shareholder’s behavior is a hot topic in recent years. Most researches are based on the theory of agency, which proposal that equity decentralization is the major way to solve the conflict problem between large shareholders and minority stockholders. Actually, major shareholder will never be eliminated. This paper introduces the symbiosis theory-ecology theory-to explain the motives and consequences of the behavior of different type shareholders in China’s from a new perspective. The paper established a research framework for the behavior of shareholders based on symbiosis theory, which includes four major parts: symbiosis model; symbiosis income distribution mechanism; symbiosis stability and persistence. The idea of the framwwork lies in that the economic consequences of symbiosis model must be the realization and sharing of symbiosis income by both minority and controlling shareholders, which result is more in line with the prerequisite of economic man hypothesis. Symbiosis model and symbiosis income sharing mechanisms are most important factors that affect the symbiosis stability. The dynamic role of these three factors (Symbiosis model, symbiosis income sharing mechanisms and symbiosis stability) finally determines the ability of symbiosis unit for creating value, which is symbiotic persistence.