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The Studies On The Relationship Between Controlling Shareholders' Tunneling And Corporate Governance Structure Of The Listed Companies In China

Posted on:2011-07-23Degree:MasterType:Thesis
Country:ChinaCandidate:L C GaoFull Text:PDF
GTID:2189360308982677Subject:Business management
Abstract/Summary:PDF Full Text Request
The theory of traditional corporate governance focuses on the agent relations between managers and shareholders within the company for a long time. However, the results of some newly research showed that the major part of companies' ownership structure is relative concentrative instead of much dispersive all over the world, which result in interests conflict between controlling shareholders and minority shareholders besides the controlling shareholder take use of their control rights to harm interests of listed companies and the minority shareholders by so-called Tunneling, which become a common phenomenon of corporate governance. Therefore, research into the controlling shareholders'Tunneling, which means a lot, not only the valuable accumulation in the theory of corporate governance but also in practices the strategies to prevent and govern the controlling shareholder'Tunneling. Related-party transaction is one of the most important way which controlling shareholders expropriate minority shareholders.Firstly we introduce the controlling shareholders' Tunneling and summarize reasons and harm of the controlling shareholders' Tunneling in China. Secondly, we analysis the relationship between controlling shareholders' Tunneling and the Corporation Governance. The outcome of the empirical study show that the concentration in ownership structure and the share segregation encourage the controlling shareholders' Tunneling, it is in contrast with that the lack of efficiency with the internal and external governance to the listed companies, which can not restrain the Tunneling efficiently. Finally, we made the exploration in prevention and governance with the controlling shareholders'Tunneling, introduce some policy suggestions, and come to comprehensive conclusion to the thesis, point limitations of the study and direction for further research.
Keywords/Search Tags:Tunneling, Controlling shareholders, Related-party transaction, Corporate Governance structure
PDF Full Text Request
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