Research On The Tunneling Behavior Of Blockholder In The Company Mergers And Acquisitions

In recent years, there are a lot of M&A events happened in China’s capital market.The resources of the company through mergers, acquisitions, restructuring and otheractivities can be further optimized, improving efficiency, and improve the company’sperformance, but some blockholders take advantage of M&A to occupy the interests of theother shareholders, because of our special institutional background, the lack of effectiveregulatory and company equity market is too concentrated. This kind of behavior causesserious consequences on the capital market. Therefore, it is very useful for the Chinesecapital’s healthy and orderly development that make a comprehensive study on M&Atunneling behavior, analysis the tunneling motivation in depth, and reveal tunnelingbehavior make the influence of small shareholders, company, market and provide thecorresponding policy advice.This thesis summarizes the study of domestic and international the hollowedbehavior of blockholders, and analysis the manner and motives of the blockholder emptiedlist companies which based on corporate governance theory, principal-agent theory andcorporate control power theory. After the implementation of the split-share reform, thebehavior of the blockholders change. Through the study uncovered the blockholders of thehollowed out the case in the recent years, found that the blockholder in the M&A mainlytaken the inequality in the transfer of assets or the replacement price trading, selectivedisclosure of the merger and acquisition information to manipulate stock prices, conspiringwith the management to the profit, the three ways are often alone or mixed use.Double-Crane Pharmaceutical asset replacement event, the Triple trading companies stockprice manipulation event, Shuanghui development management collusion events were citedspecific analysis of the major shareholders in the mergers and acquisitions. The tunnelingof the blockholders damage the interests of small shareholders, reducing the value of thecompany, and hindered the healthy development of the capital market. In order to curb theoccurrence of such actions, the thesis This thesis raised the tunneling behavior policyadvice from two part that the adjustment of the internal governance mechanisms and external supervision.