The Influence Factors Of Collusion Between The Controlling Shareholders And The Bank Creditors

The problems of the controlling shareholders’interests of the occupation become the focus of the study in the domestic, most of the existing literature at home and abroad researched the controlling shareholder encroach on the interests of minority shareholders, some scholars begin to pay close attention to the controlling shareholder encroach on the interests of the creditors, because of information asymmetry, controlling shareholders may use debt the imperfect clauses in the contract to damage the interests of creditors, such as through asset transfer, asset substitution for the interests of the occupation. So most scholars will be common as external investors, creditors and minority shareholders are same as the subject of interests violation, In fact, the creditor will sometimes hold laissez-faire attitude to controlling shareholder encroach on the interests of minority shareholders, even with the controlling shareholder of conspiracy to occupation of the small and medium-sized interests of the shareholders, thereby affecting the enterprise value. From the theory and model on the controlling shareholder, this article mainly analyzed the possibility of the existence of the controlling shareholders and bank creditors collusion and affecting factors in theory and carried on the empirical test. According to the analysis, you can explore the controlling shareholder of the new interests of the occupation, occupation for the benefit of the effective constraint of the controlling shareholder, to effectively protect the interests of minority shareholders, thus improve the corporate governance mechanism, to provide a new perspective.The paper first defines the meaning and theory of conspiracy. Creditors are divided into bank creditors and small and medium-sized creditors, here mainly research the controlling shareholders and bank creditors conspired to encroach on interests. This paper theoretically explains the controlling shareholders and bank creditors not only the possibility of collusion, but also through the model analysis of the possibility of collusion exists among controlling shareholders and creditors. For conspiring to controlling shareholders and creditors influence factors, we mainly analysis corporate governance factors and external environmental factors, and carried on the empirical test based on the 2007-2011 financial data of listed companies in our country, We come to the conclusion through the empirical test:(1) The higher the controlling shareholder’s stake, controlling shareholders and bank creditors more easily conspire. (2) Controlling shareholders are the enterprise group’s shareholders, controlling shareholders and bank creditors more easily conspire. (3) Controlling shareholders as the shareholders of state-owned enterprises, controlling shareholders and bank creditors less easily conspire. (4) The higher proportion of independent directors, controlling shareholders and bank creditors less easily conspire. (5) A higher degree of government intervention in the region, controlling shareholders and bank creditors more easily conspire. (6) The stronger degree of investor protection, the controlling shareholder with creditors less easily to conspire. (7) Auditors for the big four accounting firm, the controlling shareholder with creditors less to conspire. According to the confirmed the influence of the factors, in combination with the reality of our country, we put forward the advice to restrain the conspiring to the controlling shareholders and bank creditors.