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Under the pyramid shareholding structure, the departure of the control right and the cash flow right of the ultimate controlling shareholder has enhanced the desire of the ultimate controlling shareholders of the listed companies to occupy, weighing the pros and cons, when the ultimate controlling shareholders think that the income of the encroach behavior is much more than the cost, he will encroach the listed company. The ultimate controlling shareholders’ embezzlement infringes the interests of small and medium-sized shareholders seriously, at the same time, it brings serious negative effects on the long-term development of the listed companies, it even produces negative effect on the healthy development of capital market in China, so the study on the encroach behavior of the ultimate controlling shareholders is extremely essential. Based on the theory of psychological ownership, this paper conducts an in-depth study on the psychological motivation of the encroach behavior of the ultimate controlling shareholder. The study found that: under the pyramid shareholding structure, the control right of the ultimate controlling shareholder and the cash flow right depart, consequently, the control right of the ultimate controlling shareholders of the listed companies is greater than the cash flow right. The control right will influence the individual’s psychological ownership right by three ways of information, assets and influence, and the ultimate controlling shareholder himself will produce psychological ownership via efficiency, self-recognition, having space and social exchange. The psychological ownership will lead to the expected earnings of ultimate controlling shareholders in the psychological level, but the real return of the ultimate controlling shareholder is determined by the cash flow right aka the corresponding proportion of share bonus, in the case of the separation of two rights, the expected income and actual income of the ultimate controlling shareholder will be misplaced, in order to compensate the income gap, the ultimate controlling shareholder will take encroach behavior to get more profit.

The Research on the Psychological Motivation of the Encroach Behavior of the Ultimate Controlling Shareholder