Research On Determinants Of Major Stockholders Tunneling Of Listed Companies In China

The focus of today's corporate governance has focused on large shareholders and small shareholders on the conflict of interest. In the listed companies in China, because the only big state-owned "a" special equity structure of the existing shareholders, big shareholders, namely the tunneling very common, increasing attention. Major shareholder in the mass of the "tunneling" approach, the major shareholder of the illegal occupation of the capital of listed companies and is particularly serious, a series of accounting for section issues abound. Today, many of our major shareholders of listed companies and its related parties shall account for this kind of" tunneling " behavior has become a heavy and sensitive topic. Major shareholder of this kind of" tunneling " the existence of the phenomenon has been seriously disrupted order in the capital market, capital market system has become a hindrance. If the major shareholder of" tunneling " the issue of long-term can not be resolved, the normal order of the capital market can not be truly established, the institutionalization of the building would be out of the question. To this end, the major shareholder of" tunneling" issue related to the long-term stability of the capital market, will drag down the healthy development of the economy as a whole. The major shareholder of the West on the " tunneling " the theoretical and empirical research has been the emergence of a large number, compared with foreign countries, our research in this area is still in its infancy.In this paper, the system return to Western scholars study the major shareholder of listed companies " tunneling " the factors affecting the basis of the experience of literature, combined with economic systems of China's specific characteristics, will have an impact on China's major shareholders of listed companies " tunneling " into the internal behavior governance mechanisms and external governance factors in two categories. Select cities in China 2002-2007 Shenhu 4000 listed companies in the sample data through the single variable T test, multiple regression analysis tested the major shareholder of China's listed companies " tunneling " the impact of factors that act.The results showed that internal governance factors:(1) the nature of the controlling shareholder stake for the country with the largest shareholder of the " tunneling " acts of negative correlation; (2) the existence of controlling shareholders to form enterprise groups to the major shareholder of" tunneling" behavior There is no significant impact; (3) increased degree of concentration of ownership of large shareholders, " tunneling " behavior, while the share of checks and balances to effectively inhibit the major shareholder of the " tunneling " behavior; (4) the proportion of managers and shareholders the proportion of institutional investors and major shareholders are " tunneling " the relevant acts; (5) the proportion of independent directors could inhibit the majority shareholder of the " tunneling " behavior, in both the majority shareholder has one of the " tunneling " behavior no effect. In the external governance factors:(1) the quality of external audit and the major shareholder of the " tunneling " acts of a significant negative correlation; (2) intense competition in product markets can contribute significantly to the degree of inhibition of the major shareholder of the " tunneling " behavior.