An Empirical Study On Majority Shareholder's Non-business Capital Occupying Of China Listed Companies

The problem of majority shareholder's non-business capital occupying has serious influence on the development of the capital market and the listed company. In view of this phenomenon, on the base of the domestic and foreign researches, we choose the listed companies that exist non-business capital occupying and announced by our country's securities exchange as the sample. According to theory - hypothesis - examination, this paper uses the quantitative investigation method to research the relationship between majority shareholder's non-business capital occupying and other factors. This paper mainly includes: the origin, characteristic and harm of majority shareholder's non-business capital occupying; the relationship between majority shareholder's non-business capital occupying and other twelve variables. Basing on the amount of non-business capital occupying, we design a variable named the rate of non-business capital occupying. We draw the following conclusion through many kinds of statistical method examination: the non-business capital occupying and other account receivables is positively correlated; the non-business capital occupying and other account receivables is non-correlated; to the state-owned listed companies, the rate of non-business capital occupying doesn't have remarkable relations with the connection transaction proportion, but regarding to the listed private companies, they are positively correlated; the rate of non-business capital occupying and the total assets rate of increment is negatively correlated, so is the relation between the total assets net profit rate and the rate of non-business capital occupying; to the listed private companies, the rate of non-business capital occupying exists remarkable negative influence; the rate of non-business capital occupying and the independent director proportion do not have remarkable relation; as to the problem of non-business capital occupying, the listed private companies are more serious than the state-owned; under the situation of different proportion of the largest shareholder, we find the rate of non-business capital occupying of the listed stated-owned companies assume "the U shape curve" and its inflection point approximately is 0.4, on the contrary , the listed private companies assume "the reversed U shape curve" and the inflection point approximately is 0.35; the rate of non-business capital occupying does not have remarkable difference among different areas.