Seek Private Benefits Of Control Under The Full Circulation Of Shares And Corporate Governance

Based on China's market economic'system and the deepening reform of non-tradable shares of itself defects, April 29,2005, the China securities regulatory commission released "on the separation reform pilot listed companies on the notice, launched a listed company share-trading reform, makes people take up holding direct funds of listed company in the form of from the action was a certain degree of restriction, but equity division reform after controlling for the listed company, the control of the position and didn't get real change, holding people still hold the listed company business decision-making power, formation of the listed company, and the actual control; At the same time the circulation environment make shares holding the interests of the people and the secondary market share price to link the height, a market value also be the measure of controlling interests an important standard, this background, holding people have motives and the channel through the manipulation of share price control for self-interest.This paper adopts rules analysis and case analysis with the combination of research method, the selection of the listed companies as a typical case, panda fireworks mainly aimed at the full circulation of shares under the background of controlling behavior and seek personal control and governance of listed company level relationship between.In the normative analysis, this article first part of holding people seek control the influence factors of self-interest and holding people seek control the main way of self-interest is discussed, based on this, the full circulation of China's shares under the background of holding people seek private caused environmental control factors were analyzed, the study found that the company management level for controlling factors for control of private behavior occurs with important influence, especially of stock right structure, management composition and internal control system is the most obvious influence.In case analysis, this article through to the panda of fireworks holding people seek control and characteristics of private evidence analysis to holding people seek gain control and the relationship between the governance of listed company, the listed company holding people seek gain control generated economic consequences are analyzed and discussed. The results of the study show that, first, the flaws of the governance of listed company for holding people seek control the behavior of self-interest had important effect on these defects and even indirectly contributed to holding people seek control the occurrence of private behavior. Listed company a share of the only big equity structure, management personnel for the cross, "three will" operation is not standard, the internal control and audit functions do not reach the designated position and accounting defects is listed company holding people seek gain control behavior happens important reasons. Second, holding people seek personal control in the full circulation of shares under the background of the important changes occurred, holding people in the use of funds occupy, associated trade, insider trading, financial control means control at the same time, seek private shareholders and reduced their stock manipulation become controlling shares in the full circulation background for control of self-interest more important means, and shares in the full circulation of background, holding people seek private behavior control appear new features, seek to make explicit the recessive change, seek behavior also more hidden interests, seek way also more diverse, and tried to make her behavior control for legalization.