The whole listing is mainly to try to solve the problem of deprivation corporate governance, and related party transactions and horizontal competition are the manifestations and realization forms of this kind of corporate governance problems. Generally speaking, corporate governance issues can be divided into two categories: agency issues, which study the relationship between shareholders and managers; Deprivation problem, study the relationship between shareholders. There are two flowers, one for each table. The main problem of deprivation corporate governance is to prevent controlling shareholders from harming the interests of other shareholders.

Shareholders have ownership of the company, which is usually manifested as cash flow right and control right or voting right (hereinafter referred to as control right). In the early days, there was a belief that joint-stock companies should have "the same rights" and eventually evolved into "one share, one vote". The value of an enterprise depends on the future cash flow, and the ownership of shareholders is reflected in the right to claim the future cash flow, so it is called cash flow right.

The right of cash flow is embodied in the right to share dividends according to the shareholding ratio and the right to claim the remaining amount in liquidation. Shareholders make voting decisions according to the number of shares and exercise control over the company. The "share" of "share" embodies the right of cash flow, and "ticket" embodies the meaning of control. When the cash flow right and control right are not unified, there will be a situation in which shareholders exercise control right more than cash flow right.

For example, the major shareholders of listed companies basically do not consider the interests of small companies or even external institutional investors when making decisions (for example, Dacheng Fund defeated Chongqing Beer, Chongqing Beer lost, and Dacheng Fund was in a quagmire), and did not hold 100% shares to decide all the affairs of the company.