Abstract: Based on the controlling shareholders decision model of the existing literatures, this paper constructs a three-stage model of controlling shareholders’ utility maximization to analyze the influence factors of the controlling shareholders’ tunneling, unloading and sustaining behaviors. Empirical studies show that the unloading behavior of controlling shareholders is primary determined by the controlling shareholders’ original shareholding ratio, injection or share repurchase ratio, private benefits multiplier of the controlling stake, and the external legal environment. Considering the embezzlement of the controlling shareholder under complete circulation and its principal causes, external legal system, information disclosure, corporate governance are all aspects that deserve much attention to protect the interests of the market participants, especially individual investors.