中文摘要：

本文使用中国非金融上市公司面板数据，应用一系列混合最小二乘法经验调查终极所有权结构对公司业绩的影响。研究发现，终极所有权结构是影响公司业绩的一个重要因素。具体而言：（1）现金流量权与公司业绩显著正相关，表明现金流量权的提高能使控制股东和小股东的利益趋于一致，代理成本降低；（2）控制权和现金流量权的分离度与公司业绩显著负相关，表明控制权和现金流量权的分离度越大，控制股东掠夺外部投资者的动机越强，代理冲突加剧，代理成本上升；（3）终极控制股东是国有控制的公司的业绩显著低于终极控制股东是民营等非国有控制的公司，表明国有控股股东经常会以公司其他利益相关者利益为代价追求政治目标，国有控股公司的治理效率低下。

英文摘要：

The paper applied series of pooled least squares to empirically investigate the impact of ultimate ownership structure on corporate performance by adopting panel data of non-financial listed companies in China. The result shows that the ultimate ownership structure is an important factor affecting corporate performance. To be specific： （1） Cash flow right is significantly positively correlated with the corporate performance, indicating that the improvement of cash flow right can benefit both controlling shareholders and minority shareholders, and lower the agency cost; （2） The separation degree of controlling right and cash flow right is significantly negatively correlated with the corporate performance, indicating that the higher separation degree, the stronger initiative of controlling shareholder to expropriate external investors, the agency conflict is intensified and agency cost is increased; （3） The performance of companies that are ultimately controlled by state is poorer than those whose ultimate controllers are non-state-owned enterprises like private companies, indicating that the stated-owned controlling shareholders will pursue political objectives at the cost of other stakeholders, the governance efficiency of companies that are controlled by sate is generally poor.