The motivation of controlling shareholders changes from 'tunneling' before the reform to 'propping' after the reform, especially when the controlling shareholders are of state-owned.

大股东动机由股改前的“掏空”为主转而为股改后的“扶持”为主，尤其是大股东为国有控股的情形。

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The separation of corporate controlling right from the right to control cash flow in modern commercial groups makes controlling shareholders have motif to dig tunnels.

现代商业集团中对公司控制权和现金流权的分离使控制性股东具有隧道挖掘的动机。

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It need to impose the legal duty on the controlling shareholders in order to avoid abusing of the controlling shareholder's control power.

为防止控制股东控制权之滥用，须对控制股东课以法律义务。

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Ultimately, the fate of Telewest is in the hands of its controlling shareholders, Microsoft and Liberty.

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Delaware law subjects cash takeovers and buyouts by controlling shareholders to much tougher scrutiny than most stock-swap mergers.

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The portfolios look like typical value funds in that they're rich in utilities, financial stocks and firms with controlling shareholders.

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