With the trend of centralization of ownership structure in China, the focus of corporate governance has shifted gradually to the ultimate controlling shareholders. Scholars have found that the ultimate shareholders usually achieve strong control, and get private benefitsby means of cross shareholding, Pyramid and so on, thus forming the ultimate controlling shareholders “equity analysis paradigm”. In addition, the shareholders’ management decisions will also be affected by social capital like social organizations, and network relations.The quantification and constrain of controlling shareholders’ hidden deprivation can not only protect the rights and interests of the minority shareholders,but also avoid the negative effects of seeking private interests of control to risk.Thus can ensure that the enterprise takes a reasonable level of risk and enhances the value of enterprise.
Key words
ultimate controlling shareholder /
risk-taking /
equity control /
social capital
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