Abstract: Recently, lots of large shareholders have injected the stripping assets to the listed companies which they controlled, the author analyzes the relationships between large shareholders’ asset injection and company performances including integration of industrial chain and tunneling, and empirically tests economic consequences of asset injection. It is found that long-term market performance of assets injection is poor, purchasing & holding abnormal return in one year after asset injection is negative and continues to decline. The findings indicate that large shareholders may inject inferior assets or inflate the value of injected assets. In addition, long-term market performance is associated with the type of asset injection, long-term market performance of injecting related assets is better than the one of injecting unrelated assets, because injecting related assets can improve industrial chain of listed companies.