Tunneling Of Large Shareholders Of Listed Companies In China And Measures Of Corporate Governance Research

Since the problem of corporate governance has attracted widespread attention,it has been focused on the principal-agent relationship between owners and management agent of the research. questions to the main operators of "insider control" problem has been the question of corporate governance research focus, but with the title from the dispersed to concentrated, large shareholders act in question the status of corporate governance have become increasingly important, this issue is the current theory and practical hot topic of discussion.First of all, this thesis from the perspective of corporate governance behavior of large shareholders to undertake a study of the realities of the background of this study was to address the main research questions and significance, and in accordance with the logic of a certain train of thought can be collected on at home and abroad about the company management, large shareholders, as well as financial targets for the relevant theoretical viewpoints and summarize some sort, elaborated on the existing research results at home and abroad.Secondly, the Chinese securities market Delong "Tunneling" the typical case of industrial Chongqing as the breakthrough point, introduce a large shareholder of "emptied" of listed companies and the adoption of methods and analysis of financial indicators reveals the large shareholder of "emptied" acts on the impact of a listed company. Next, the system sort out the large shareholder of the formation of our country, as well as the characteristics of China's ownership structure and introduce a large shareholder of "emptied" of China's capital market consequences of the harm, on the basis of corporate governance from the point of view of the largeity shareholder "emptied" the deep-rooted causes and the large shareholder of "support" the motives behind the acts.Finally, an analysis of listed companies in the emergence of so many acts of non-normal because of the financial share of the system of listed companies against the backdrop of a distorted financial targets, and from the large shareholders and shareholder interests of small and medium-sized enterprise value to sustainable growth for the market the financial targets the company's new choice, and that the financial goals is a reasonable and effective mechanisms of corporate governance. In addition, also put forward specific measures, the paper pointed out that an effective regulatory system to be the large shareholder of the act, must be shared by the whole society to participate in the supervision of listed companies, including: the formation of a reasonable share structure; improve the governance structure of listed companies; to strengthen the external governance to improve the large shareholder of the cost of the irregularities; the establishment of a sound legal system for investor protection, strict enforcement of the law; standardize the listed companies, such as dividend policy.