Theoretical Research on Interest Transfer of Allocating Resources under the Background of Pyramid Structure and Development in China

摘要

Ultimate controller can control several times of its size' resources and many companies with fewer resources, by using the pyramid shareholding structure, and these resources are allocated among the member companies. In the controlled company, there is interest transfer in the allocating resource, once it lacks of effective measures in the control of ultimate controller. Today, the full circulating stock market, pyramid structure, stock market system not being perfect, lacking of effective protection of investor's interest. These will exacerbate the problem of interest transfer in the allocating resources. Therefore, it is necessary to study the ultimate controller's allocating resource mechanism and its operation mechanism under pyramid structure. In view of this issue, it is necessary to sort out the pyramid structure of Ultimate Controlling Shareholder Expropriation theory, and puts forward the measures and suggestions for China's background characteristics.