Study On The Behaviors Of Controlling Shareholder And The Characteristics Of The Listed Companies At The Post Non-Tradable Share Reform Era

This paper is on the study of the controlling shareholder's behaviors and their respective characteristics of the listed companies comprehensively and deeply in the full circulation background, making use of the empirical research method, to study the relationship between the listed companies' characteristics and the controlling shareholder's behaviors after share reforming.With the development of modern companies, the controlling shareholder in the role of corporate governance has become important increasingly. The company's internal principal-agent relationship is not the traditional relationship between shareholders and managers, but the principal-agent relationship between external investors and controlling shareholders. This paper is based on this logical starting-point, to analyze the action of controlling shareholders and study their characteristics of their listed companies. The paper is focus on action of controlling shareholder support and occupation in the listed companies of China, as well as studying the impact on the listed companies' characteristics to the action of the controlling shareholders.In theory at home and abroad has been reviewed and the results of the study, based on first use of basic economics analysis of the controlling shareholder support and occupation of conduct theoretical analysis. Then, in the view of the special characteristics of the securities market, inspected the changes of controlling shareholder after the share reforming of listed companies in China, and to study the controlling shareholder action of listed companies classified in the full circulation times. This paper divides the controlling shareholder's actions of listed company in the full circulation times into two categories: asset injection activity, tunneling and insider trading activities, and these two types of sub-chapter study. On the study of these two parts, analyze the controlling shareholder's behavior change after the reform of shares separation respectively, and then for the full circulation time producing such acts characteristics of the companies to conduct in-depth research, to select which has been completed share reform of listed companies as a sample, T-tests, the non - parametric hypothesis testing and logistic regression analysis, and other empirical methods. To validate the issues of the impact on characteristics of listed companies to controlling shareholder actions, and draw the corresponding results.This paper shows that it has a close relationship between the controlling shareholder behaviors and characteristics of China's listed companies. If the growth of companies is worse, checks and balances of shares is lower, and the companies' scale is smaller, the controlling shareholders are more inclined to inject assets; On the other hand, the controlling shareholders are more inclined to insider trading in a better profitability and higher proportion of controlling shareholder shares held company. Therefore, in order to promote the support of the controlling shareholder fundamentally, to restrict the occupation behaviors of the controlling shareholders, we should enhance the company's growth ability, to start from improving the corporate governance structure, protecting the rights and interests of small shareholders effectively.