Research On Determinants Of Major Shareholders Tunneling Of Listed Companies In Northeast China Region

There are large gaps upon the industry distribution, the existence state and the operating condition of the listed company between the northeast region and the average national level. According to the analysis of the delisted companies in the northeast region of China, there are various kinds of tunneling such as combines, associated guarantee, associated trade, etc. This article makes the listed companies in northeast area as the research object and conducts the analysis of the affecting factors from two aspects of the internal governance structure and the external system environment. Provide theoretical foundation and empirical evidence in order to curb the tunneling of the major shareholder.From the actual situation analysis of the listed company in the northeast region, there are theoretical and practical values to explore the influence of the important factors. In theory, making the regional data as the research object has deepened the research on the tunneling of the major shareholder and discussing the board of supervisors play the oral of supervising whether or not. In the real sense, for the investors, it is helpful to protect the interests of investors and improve investor enthusiasm. For the listed company itself, it is in favor of formatting a unified decision and improving the value of the listed company. For the government regulators, it is beneficial to make effective rules and regulations and promote the healthy development of the capital market.The empirical research method is applied in this article primarily; meanwhile the normative research method and the literature review method are done. The research samples are A-share listed companies of non-financial sectors in the northeast China from2006to2010. The tunneling is measured by the major shareholders combines indirectly.This paper includes the following seven parts:The first part is the introduction. This part puts forward the research background and significance, reviews the domestic and international related literatures. Then we found out the starting point on the basis of the relevant literatures summary.The second part is the relevant theoretical analysis of the major shareholders tunneling. Firstly, define the tunneling and the major shareholder. Then explain the basic theories. Last analysis the patterns of the major shareholders tunneling in order to lay a solid theoretical basis.The third part is the analysis of the listed company’s present situation in northeast China. The analysis have been carried on mainly from the listed company’s industry distribution, existence state and operating status.The fourth part, make the theoretical analysis and put forward assumption about the major shareholders tunneling of listed companies in the northeast area. After understanding the development present situation of the listed company in northeast China, to analysis the influencing factors from the internal management and the external environment, finally, to come up with the hypothesis of this paper.The fifth part is the study design. Provide the principles and methods about the sample selection and relevant index confirmation, construct the research model and prepare for the test.The sixth part, an empirical test of the major shareholders tunneling in the northeast listed company. This section is the main content of this paper, including the descriptive statistics of the variables, correlation inspection, and multiple regression analysis and stabilization inspection four aspects.Part7is the research conclusions and the policy recommendations. Summary the result of empirical research, put forward the policy suggestions on relevant issues, and expound the limitations and inadequate of this paper.The conclusion of the research is that the equity percentages of the big shareholder and Z index present significant positive correlations.big shareholder equity for state-owned properties, the standard auditing opinions and the better business environment play the inhibitory effect significantly. The influence of S index, the characteristics of the board of directors and the characteristics of the board of supervisor’s characteristics to the tunneling is not significant.On the basis of previous studies, this paper makes the following innovation and contribution. On the one hand, this paper makes the exploratory research on the regional research on determinants of major shareholders tunneling of listed companies. It not only enriches the content of research, but also broadens the field of research under the different external system background. On the other hand, the existing studies are discussed the role of the board of supervisors rarely. In this paper, the size of the board of supervisors and the holdings of the board of supervisors are added into the regression model in order to discuss the influence for the tunneling of major shareholders.