Related Party Transactions Of Listed Companies And The Controlling Shareholder Tunneling Behavior

Because we are highly concentrated ownership structure, corporate governance structure is sound, coupled with weak external monitoring mechanism, the causes listed companies in China between the amount of related party transactions, making the controlling shareholder of fleecing the company assets, occupation of the shareholders of small and medium interests. A lot in recent years such as "Monkey King shares," "Green Corner", "Laiwu Steel", "Chunlan" and other well-known companies because of the scandal associated with trading, these events also show that the controlling shareholder of assets of the company through related party transactions have been emptied seriously affected the governance of listed companies. How to control the controlling shareholder of the tunnel, protect the interests of small shareholders, is currently China's capital market problems to be solved.Purpose of this study is that the existing literature by combining theoretical results of this research method to study the controlling shareholder of the use of hollowed out the problems associated with transactions and related party transactions and controlling shareholder of the relationship between emptying. The research method is to use the combination of theoretical and empirical, to 2003, a listed company in 2008 associated with the transaction data sample for testing. The establishment of econometric models, measurement and controlling shareholders of listed companies affiliated transactions between the effect and impact of the value of the controlling shareholder of the factors that emptying behavior, the results of this study can be found in the sample data confirm our hypothesis, the last for our research, make relevant policy advice.This study concluded that the first transaction is associated with controlling shareholders of listed companies in China an important way to conduct one of the tunnel, which purchase and sale of goods, assets and financial transactions and to guarantee the security of these four related transactions more easily lead to acts of controlling shareholders of the tunnel.