By means of establishing a game model between the largest shareholders and other major shareholders, this paper makes a comprehensive study of the relationship with regard to tunneling, collusion and stock ownership check-and-balance among the major shareholders. The basic conclusions are as follows: (1) Improving the supervision efficiency of other major shareholders and reducing monitoring costs can help curb tunneling behavior of the largest shareholders; (2)Increasing the penalties for the largest shareholders who tunnel company’s assets can help strengthen stock ownership check-and-balance; (3)There is a positive correlation relationship between the legal protection of minority shareholders and tunneling behavior. Therefore, there exists a higher probability that the tunneling behavior of the largest shareholders will to be found.