Abstract: Most of the research on corporate governance regards "separation of ownership and control" as a basic proposition, and correspondingly, the core issue of corporate governance has become "conflict of interest between owners and operators". However, the analysis of this paper shows that the high degree of equity dispersion and "separation of ownership and control" are not a common phenomenon, and "partial separation of ownership and control" is more likely to be the main feature of modern corporate ownership arrangements. Correspondingly, the core of corporate governance issues should be the conflict of interest between controlling shareholders and minority shareholders. As far as listed companies in China are concerned, the core issues of corporate governance include two aspects: first, the conflict of interest between controlling shareholders and minority shareholders; The second is the conflict of interest between the controlling shareholder and its ultimate principal country.

Keyword: Shareholding structure; Shareholder conduct; Core proxy issues; Corporate governance