Dynamic Analysis of Large Shareholders´ Private Benefits from Control Power

In this paper, by introducing the concept of ´tolerance level of small shareholders´, we analyse the large shareholders´ private benefits from control power in dynamic equilibrium from a micro-angle. We identify the positive sides of the private benefits and provide the factors that affect the large shareholders´ infringement behavior against the benefits, and the relations between them. What´s more, this paper gives an argument that the large shareholders´ risk preference itself would constrain their infringement behavior.