A Study Of The Embezzlement Of The Controlling Shareholders Under The Split-share Structure Reform

The embezzlement of the controlling shareholders and the split-share structure reform are two major hot topics in China. China share-trading reform formally started from April 29, 2005. Based on the private listed companies as a sample, research of the change before and after the invasion of the controlling shareholder of funds, combining the embezzlement of the controlling shareholders and the split-share structure reform .This paper used normative research, mathematical models, regression analysis and other research methods. In this paper, taking private listed companies as samples, the controlling shareholder of the share capital have been studied before and after the invasion and occupation of reform, found that the level of embezzlement of the controlling shareholder declined after the share reform . Then, the factors affecting the controlling shareholder fund occupation after the reform are studied .Finally, the paper puts forward related suggestions. This article firstly introduce the research papers in the background, significance, the thesis structure , the research methods and the innovation. Then, the second chapter describes the theoretical basis of this article, and related empirical studies have been carried out literature review. The third chapter, conducting a comparative analysis between the share reform of China's private listed companies before and after the invasion and occupation of the controlling shareholder funds . After the reform that shareholder non-operational occupy significantly appears declined and profit-making occupy degree does not change significantly, which eventually led to the controlling shareholders funds occupy degree appeares to decrease. Finally, establishing multiple regression model to analysis occupation factors of controlling shareholder's equity after the share reform. Found that after controlling shareholder's equity share reform occupation level was positively correlated with asset-liability ratio, control and cash flow rights separation degree and cash flow condition; with the company's book value, company size negative correlation. In addition, the research also found that the controlling shareholder funds occupy and controlling shareholder into u-shaped relation, controlling shareholders occupy and funds that exists between the shareholding first decreased and then increased the non-linear relationship.