中文摘要：

以2002-2004年963个民营金字塔控制上市公司为样本，考察公司实际控制人的所有权比例、所有权与控制权分离程度以及法律对投资者保护和公司价值之间的关系，结果发现：民营上市公司的所有权与控制权分离程度相当严重；所有权比例的增加提高了公司价值，而所有权与控制权的分离则降低了公司价值。法律对于投资者的保护是一种有效的外部治理机制。

英文摘要：

This paper investig＇ates the deviation between ownership and control for private listed companies in China under pyramidal structure, it also researches how investor protection by law can benefit shareholders. We find that the ownership has positive influence on corporate value, while the separation between ownership and control has negative influence on corporate value. Investor protection by law can weaken the conflicts between ultimate controllers and other shareholders.