Even if the smaller cash flow right or the lower ROA, the controlling minority shareholder will not made severely tunneling when the firm is in better investors legal protection environment.

• 投资者保护越差，越有利于控制性少数股东的隧道挖掘。相反，在投资者保护较好的企业，即使控股股东的现金流权较小，即使其资产收益率较低，也不会发生严重的掏空行为。