The Empirical Study On The Affecting Factors Of Tunneling By The Major Shareholder

Since the rise of Berle-Means theorem, the viewpoint of dispersed ownership structure has been prevalent for near 50 years. During this period, the study of corporate governance focuses on agence cost caused by conflict between shareholder and manager under the hypothesis of dispersed ownership structure. However, China's listed companies, there is a general case is "due to the dominance", shareholding structure is highly concentrated. This ownership structure greatly influence the characteristics of de facto managers of the company - the independence of the board of directors, large shareholders by controlling the board of directors did not even take damage the company by the board of directors to meet the behavior of self-interest newspapers often found. China's Securities Regulatory Commission and other relevant regulatory bodies in response to this situation, continuing to adopt the relevant provisions of, and implemented a significant share-trading reform. However, each time the implementation of measures seemingly to the point, the major shareholder of an act of usurpation is always in quiet comeback after some time. This paper argues that, because the capital naturally profit-driven so that the major shareholders, "mercenary", is the so-called "flies do not hover around egg", it is very likely that our internal governance structure of listed companies or an external monitoring mechanism problems induced by the major shareholders of the abusive hollowing out phenomenon, this paper sought to identify the crux of the problem.In this paper, from 2006 to 2008 motherboard manufacturing companies in Shenzhen China for the study sample, first using descriptive statistical methods to the extent attributed to a major shareholder of hollowing out the trend: Although the decline, but still serious. Secondly, according to our theoretical basis and the situation in China made six assumptions were used to construct models, and then one by one single factor analysis verified the independent variable and dependent variable the relationship between the hollowed out volume, draw the following conclusions: first largest shareholder with the ratio was inverted with the hollowed out acts of "U"-type relationship; first to the tenth largest shareholder equity ratio, the legal environmental quality and emptying behavior was no significant relationship; the proportion of independent directors, the financial environment, market-oriented, information disclosure quality and dig Empty a marked negative correlation. I address all the conclusions of the economic explanation. And emptying behavior in order to remove a significant correlation between the endogenous variables, this paper was followed by a comprehensive regression model was further correlation analysis, the results of financial markets measure the degree of competition in the financial sector indicators removed, other relevant single-factor analysis of sexual relations and consistent, I have done this connection, the relevant interpretation of the conclusions. The last part of empirical testing the stability of test, which is used after 2006 exposed the existence of the 10 listed companies in hollowed out to verify the behavior of our conclusions, our results largely through the inspection.Finally, according to the research put forward some proposals, hoping to curb the ease or even eliminate the major shareholder hollowed behavior, hope to help to construct a dependable and effectual auditing market...