Abstract: The private benefits of corporate control(PBC) expropriation behavior of controlling shareholders presents relative differences in aim-choices and requirements in different countries and different modes of corporate management,though it can be influenced by ownership structure through the characters,control modes and proportions of ownership.On this background central and local governments fulfill the investment person responsibility respectively,the central and local China State-owned Property Committee have become the ultimate controlling shareholder of Chinese listed companies. Based on the theory that ownership structure is the impact of the level of PBC,we conduct a thorough empirical study on the tunneling of majority shareholders from the two perspectives:the ultimate control models and the stake of the largest shareholder.The conclusion of the thesis can provide empirical assistance for the establishment of correlative statute during the reform of split share structure and the management of state-owned assets.

Key words: ownership structure, private benefits of control (PBC), ultimate control models