Our investigation reveals that the top 10 shareholders are the only credible contenders for dominant control rights in China's listed corporations. To measure the ultimate control of these entities, we adopt the Shapley-Shubik power index and calculate the principal shareholder's control at the top of the control pyramid. Our results demonstrate that approximately 70% of firms exhibit an ultimate control value of 1. Additionally, our analysis reveals a non-linear relationship between the ultimate control, the tunneling behavior of the ultimate controller, and the executives’excess perk consumption .Specifically, our findings suggest that this relationship is characterized by a phase transition.