The paper goes on to discuss the eventuality of tunneling in Chinese public companies and its measurement of private benefits gained by controlling shareholders from tunneling.
分配方面体现为分红与不分红均损害小股东利益。 最后，论文研究了“国有股权泛化”及“异股同权”条件下我国上市公司内外部控制机制的效率问题。
Private benefits of control has negative correlation with the shares of the controlling shareholders and has no significant correlation with the state-owned shares;
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；
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