Based on the search of ownership to find who is the controlling shareholders of finns, we analyze the influence on the value of corporation because of controlling shareholders＇ control rights deviating from cash flow rights, then we examine the evidence on expropriation of the recessive ultimate controlling shareholders to the minority shareholders. The empirical study finds that recessive controlling shareholders exist in a lot of listed companies, and they typically have power over finns significantly in excess of their cash flow rights through the use of pyramids. The deviation degree of the controlling shareholders＇ control rights and cash flow rights and the value of publicly listed companies is negatively related, and there are significant differences among three styles