Abstract This paper analyzes determinants of dynamically adjustment of ownership structure from the perspective of ultimate shareholders. The results show that the separation of control and ownership right of ultimate shareholders is negatively associated with ownership dilution, and pyramid ownership structure limits ownership dilution. Control right is positively correlated with ownership dilution. There are no significant correlation between stock returns and ownership dilution which shows ultimate shareholders do not obviously choose market timing to adjust ownership structure. Stock volatility is positively correlated with ownership dilution.
MO Li-Quan. An Analysis of the Dynamics Adjust Determinants of Ownership Structure of Ultimate Shareholders of Chinese Listed Companies. Economic Survey, 2015, 32(5): 0114.
2015, Vol. 32 
