终极控股股东对过度投资影响的实证研究(可编辑).docxVIP

Pyramid ownership structure and cross-shareholdings have become prevalent in shareholding structure，in which companies tend to be controlled by the ultimate controlling shareholders. Theory of tunneling believes that the ultimate controlling shareholders have got a control right that exceeds the cash flow right through the pyramid structure. Therefore, the ultimate controlling shareholders are motivated to maximize their self-interest by using the control right, leading to a series of tunneling effects between ultimate controlling shareholders and minority shareholders. Profits can be transfer