Study Of Large Shareholders' Invasion Behavior Based On Related-party Transactions

Under the background of ownership structure, the controlling shareholder can use his special right to influent list company's management, in order to expropriate the cash and profit of list companies. The tunneling of the large shareholders has encumbered the management of the listed company and damage the confidence of the investor. Now the urgent problem which should be solved are how to keep large shareholder's tunneling within limits and make listed company develop healthily and properly.This article uses the method which the standard research and the real diagnosis analysis. In theoretical analysis, invade the root and reason obtaining from the analysis connection transaction and the major stockholder which the behavior produces. In real diagnosis research part, used the illustration law to invade to be listed benefit to the major stockholder the main method and the way carries on has ground. Through establishment econometrics model, connected the transaction proportion and the managerial fund is invaded by the occupancy rate as the major stockholder the behavior the descriptive variable. It with the stockholder's rights structure target, the company governs the structure target to carry on the multiple regression analysisThe result show that the connection between the expropriations by the controlling shareholder with the proportion of controlling shareholder is a reversal'U', the expropriation by the controlling shareholder is significantly negative related with the shares of the second shareholder, the first major stockholders as the state-owned enterprise holding must be more easier than the non-state-owned enterprise holding to invade behavior and the expropriation by the controlling shareholder is significantly negative related with the independent trustee proportion. At last, the paper suggests several measures to stop invading from related party transaction, such as improving the lever of the company which will be listed, perfecting relational law, promoting the demand level of accounting information, and establishing the protective organizations for investor's equity.