在终极控制权结构下以中国实践为背景,将控制权私人收益及声誉机制有机融合,以一个统一的模型分析框架研究实际控制人的侵占、监督和支持三种治理行为产生的条件和影响因素,指出终极所有权结构决定实际控制人治理行为进而影响企业绩效,从而弥补终极所有权结构与公司绩效之间跳跃的逻辑关系. Under the background of the ultimate control structure, based on the Chinese practice, the private gain and reputation mechanism of control are organically integrated, and the conditions and influencing factors of the actual controllers’ encroachment, supervision and support on the three governance behaviors are studied with a unified model framework , Pointing out that the ultimate ownership structure determines the actual controller’s governance behavior and thus the enterprise’s performance so as to make up the logical relationship between the ultimate ownership structure and corporate performance.