The separation of control right from agent right of listed companies brings the interests conflict between ultimate controllers and direct agents. Based on equity contribute and share-control structure, the listed companies are classified into such four types as state-owned direct control, state-owned pyramid control, private direct control and private pyramid control, and the panel data of A-share listed companies are used to empirically test the influence of ultimate control right on the total income, dominant income and implicit income of direct agents. The analysis shows that in the listed companies of state-owned direct control and private pyramid control, the ultimate control rights have obvious impact on all kinds of income of direct agents, that in state-owned pyramid control listed companies, ultimate control rights have significant effect on implicit income of direct agents and have unclear effect on their explicit income, however, in private direct control listed companies, ultimate control rights do not have significant impact on the income of direct agents.