分析我国发生股权转让的上市公司,探讨股权转让行为中的终极控制者的壕堑效应,可采用多元线性回归法。研究发现,在终极所有权结构中,如果未处于控制地位的股东联合起来也无力与终极控制者抗衡的话,存在终极控制者“压榨”公司长期价值的可能性。这进一步表明控制权交易市场对完善我国上市公司的治理机制并没有起到积极的作用。 This paper analyzes the listed companies that have equity transfer in our country, discusses the effect of the ultimate controller in the equity transfer behavior, which can adopt multiple linear regression method. The study found that in the structure of ultimate ownership there is the possibility that the ultimate controller would “squeeze” the long-term value of the company if uncombined shareholders are unable to compete with the ultimate controller. This further shows that the control rights market does not play a positive role in improving the governance mechanism of listed companies in our country.