Research on the relation between Ultimate Shareholder Control and Capital Structure under the Pyramid Structure: Taking listed Private-controlled companies in the SME board for examples

The ultimate control right phenomenon generally exists in listed companies. The ultimate controllers control the listed companies by pyramid shareholding structure to obtain the private control benefit. This paper examined the relationship between Ultimate Shareholder Control and Capital Structure under the Pyramid Structure by taking thirty-five listed Private-controlled companies in the SME board from 2008 to 2010 as samples. It found that Capital Structure of listed Private-controlled companies showing different features when these companies´ ultimate control in different intervals.