Abstract This paper analyses determinants of pyramid structure and marketization process on adjustment of ownership structure. The results show that: firstly,the influences of pyramid structure on ownership structure have asymmetric inhibitory effect.Pyramid level inhibits ultimate controllers to reduce share.When pyramid level is longer,ultimate shareholder is reluctant to reduce its stake.There are no significant correlation between pyramid chain and ownership dilution.Reduction effects of pyramid structure on ownership structure mainly rely on pyramid level rather than pyramid chain.Secondly,marketization process helps to ownership dilution.More and more ultimate shareholders reduce shares with the deepness of marketization.
2016, Vol. 33 
