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The corporate governance of listed companies is the focus and hot spot of financial research in recent years. Using a sample of A-share listed firms in China for the period 2003-2015, the paper investigates corporate governance on the relationship between industrial over-investment and the over-investment. The results show that: (1) The information transparency restrains the positive relationship between industrial over-investment and the next period of over-investment. (2) Major shareholderdoi:10.11648/j.jim.20170601.19 fatcat:wilble2kpzd4rdlffaurze5yrm