A Study Of The Impact Of Debt Financing Over Tunneling Of Controlling Shareholders

In this paper, we study the impact of debt financing over tunneling of controlling shareholders in listed in the situation that controlling shareholders of listed companies can enter the secondary market to sell their shares(in general non-tradable shares before the reform) after the reform of non-tradable shares.In the context of our country’s current research, focus on tunneling of controlling literature a lot, but seldom pay attention to the interests of creditors and the governance effect of debt, debt is mostly considered to be homogeneous, and the research and no systematic analysis of different types and different period of tunneling the influence of debt of controlling shareholders. This article, based on the perspective of related party transactions to controlling shareholders tunneling measure; On the basis of this, and then from the enterprise overall level of debt financing, maturity structure of debt financing, and three different types of debt financing Angle, analysis their impact on tunneling behavior of controlling shareholders of listed companies.First in this paper, the author tries to explore the impact of debt financing over tunneling of controlling shareholders in listed, for later lay a theoretical foundation for empirical analysis.Secondly, this paper takes Shanghai main board companies as the primary goal, screen out not qualified enterprises,148 sample companies. To study the impact of debt financing over tunneling of controlling shareholders in listed and further explore the influence of debt maturity and the types of its debt. Results show that:(1) as a whole, debt financing was significantly positively related to tunneling of controlling shareholders and in state-owned enterprises, the phenomenon is more rampant. (2) from the point of types of debt, bank loan was significantly positively related to it and in the legal system level will affect its effect, Commercial credit has significant negative correlation with it, the worker and governmental liabilities had no significant relationship with it.(3) From the point of debt maturity, short-term debt was no significantly related with it.Finally on the basis of theoretical analysis and empirical research, according to the specific condition of Chinese listed companies, this paper puts forward the maintain moderate debt levels; Perfecting the bankruptcy mechanism; We will accelerate reform of the state-owned Banks.