The expropriation of minor shareholders by controlling shareholders is the central problems in the study of corporate governance.  But the agency conflicts between shareholders and creditors have not been paid attention to.  Effects of controlling shareholder's opportunism on middle and minor shareholders and creditors were analyzed by the model.   The results show that (1) On the condition of no debt financing, the information asymmetry between controlling shareholders and minority shareholders induces the early and hazardous investment; (2) The difference of income function and information asymmetry between shareholders and creditors induce the asset substitution and (3) On the condition of debt financing, in order to acquire private benefits of control, the behavior of controlling shareholders' maximizing own value make the investment of corporate more early and hazardous.