Governance behaviors of listed firms' real controlling shareholders under ultimate control structures

The popularity of concentrated ultimate control rights and the deviation between ownership and control rights around the world show that the logical starting point of corporate governance studies changes to study on the conflict of interest between real controlling shareholders and investors. Under the background of China reality and ultimate ownership structure and integration the private benefits of control and reputation mechanism, building an unified framework to study on the conditions and influential factors of the real controlling shareholders' tunneling, monitoring and propping behaviors, this research points out that the ultimate ownerships determines the real controlling shareholders' behaviors and then affect corporate performance. Thus this research modifies the jump logic relationship between ultimate ownership structures and corporate performance.