Changes Of Tunneling Methods In Chinese Listed Companies And Relations Among Ownership Structure, Tunneling Methods And Enterprise Performance

On the basis of the financial data of listed companies from 2003-2007,we find there are more and more"Additional Stock Issue To Specific Investors","Restructuring","Purchase and sale of related party transactions", and less"fund embezzlement"in China. By analyzing the correlation of six tunneling methods and the structure of firm ownership, we find that non-purchase and sale of related party transactions,purchase and sale of related party transactions have positive correlation with ownership concentration;fund embezzlement and equity transaction have negative correlation with ownership concentration. Although tunneling methods have different impact on enterprise performance with different ownership structure, they all have negative impact on enterprise performance.