Differing from traditional principal-agent relationship between shareholders and managers, the agency issue between controlling shareholders and small shareholders (namely second agency issue) has been a hot topic in corporate finance during recent years. One of the major issues of private benefits of control is to measure its level. Based on the comments about the literature of private benefits of control’s econometric models, from an angle of the influences of China listed companies’ shareholding reform on econometric models, this paper analyzes and improves Barclay and Holderness’ private benefits from control of public corporations (BH Model), and raises the econometric models of before and after shareholding reform for private benefits of control.