| With the gradual development of China’s capital market,some capital market system problems gradually appear,which seriously restrict the take-off of China’s economy again.In recent years,due to the drastic changes in the market environment,these problems show their great harm.Since the establishment of China’s capital market for more than 20 years,the immaturity of the system still exists,especially for preventing the occupation of funds by major shareholders.Due to the lack of external supervision,in recent years,there have been too many stocks occupied by St due to the funds of major shareholders.Although the state has successively issued relevant laws on the problem of funds occupied by violators in 2003,due to the loose legislation and too light punishment,it has not played a corresponding constraint.Taking "* ST Cheng Xing" as the research object and the second type of principal-agent problem as the starting point,this paper studies the slave motivation,causes,means and prevention suggestions of the capital occupation of its major shareholder Chengxing group.And focus on examining the company from the perspective of corporate governance,and deeply analyze the occupation event through internal control theory.Finally,through the above theory combined with the research of actual events,it is proved that "* ST Chengxing" does have huge corporate governance defects.A series of factors such as too concentrated equity,ineffective internal control and weak external supervision lead to Chengxing group’s successful occupation of funds.In view of the above reasons,this paper strongly suggests that the state should strengthen the control of capital occupation,clarify legislation,strengthen law enforcement,pay attention to the equity balance,and recommend the introduction of external strategic investors.In addition,it should strengthen the internal control mechanism to make it play a role.Finally,the improvement of the independent director system is also very important. |
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