Abstract: This paper studies the governance effect of multiple large shareholders from the perspective of accounting conservatism. Taking Chinese Ashare listed companies from 2007 to 2018 as samples, this paper demonstrates the promoting effect of multiple large shareholders on accounting conservatism, and finds out that the reduction of the selfish behavior of controlling shareholders is the main way for multiple large shareholders to influence accounting conservatism. Further studies find that both the number and the shareholding ratio of noncontrolling large shareholders improve accounting conservatism; under weak governance environment, the positive impact of multiple large shareholders on accounting conservatism is more significant. By analyzing the influence of multiple large shareholders on accounting conservatism, this paper provides enlightenment for optimizing corporate governance and improving corporate information environment.

Key words: accounting conservatism, conditional conservatism, multiple large shareholders, controlling shareholder, selfinterested behaviors  ,

摘要： 本文基于会计稳健性的视角探讨了多个大股东的治理效应。以2007—2018年中国A股上市公司为样本，本文研究发现多个大股东的股权结构提高了会计稳健性，减少控股股东的私利行为是多个大股东影响会计稳健性的主要途径。进一步研究发现，多个大股东的数量、持股比例均提高了会计稳健性；在治理环境比较薄弱的情况下，多个大股东对会计稳健性的提升效应更加明显。通过分析多个大股东对会计稳健性的影响，本文为优化公司治理和改善公司信息环境提供了启示。

关键词: 会计稳健性, 条件稳健性, 多个大股东, 控股股东, 私利行为