关键词: 终极控制权, 终极所有权

Abstract: This paper studied the ultimate ownership structure of Chinese listed companies based on the theory of ultimate ownership. The results show that there is a highly concentrated ownership structure in Chinese listed companies. The state and the privates are the top two ultimate controllers, who implement the ultimate control for corporations through the indirect holdings. Since 2004, on the terms of volume, the proportion of listed companies held by the state as the ultimate control was significantly decreased; the proportion of listed companies held by the privates was significantly increased. But on the terms of asset, the vast majority of the assets of listed companies are ultimately controlled by the state, and the proportion of assets of listed companies controlled by the privates is very small and declining.

Key words: Ultimate Controlling Right, Ultimate Ownership