此时，该企业家可能通过两种控制结构：金字塔控制结构与水平控制结构来实 ① 控制权私人收益（Private Benefits of Control）是指，终极控股股东利用其控制地位为自身谋取私利，其主 要表现为利用公司内部信息使大股东关联公司获取超额利润，通过转移公司资...
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控制权私人收益与第一大股东持股比例显著负相关，与国有股比例不存在显著相关性；
Private benefits of control has negative correlation with the shares of the controlling shareholders and has no significant correlation with the state-owned shares;
改进上市公司投票制度，限制大股东的投票权可以从根本上减少大股东的控制权私人收益。
To restrict large shareholder's vote right by improving corporate vote system can reduce private benefit of large shareholder's control rights.
而且为最大化获取的私人收益，他们往往通过金字塔结构等分离现金流所有权和控制权的形式对公司实施控制。
To expropriate more private benefit, they always separate control from cash flow rights by cross - ownership and stock pyramids.
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