The Impact Research On Board Characteristics And Large Shareholder Tunneling

Corporate governance has a long history and be focus on sustained. As a representative of the shareholders, it plays a central role in corporate governance. Effective board governance can supervise the decision makers to make a wise choice, and achieve the goal of benefit maximization. In the board governance, the structure characteristics of the boardroom plays a very important role. At present, "a dominant" equity structure is very common, the internal and external governance environment is imperfect, the governance mechanism is unreasonable. It lead to the affiliated party, especially big shareholders take the funds of listed companies frequently happen through related party transactions. The behavior not only caused serious consequences to the listed companies, and has the characteristics of strong concealment and predatory.Based on the thorough analysis of tunneling background and the characteristics of board, this paper expounds the relationship between board characteristics and tunneling, and put forward seven assumptions. Taking board characteristics as independent variables, this paper select the data from listed companies in Chinese A-share stock market from 2010 to 2014 and the SPSS software is used for empirical research. The results show that the proportion of independent directors have no significant impact on tunneling, and the shareholding ratio of board have a significantly negative impact on tunneling, and the size of board also have no significant impact on tunneling, and the frequency of meeting have a significantly positive impact on tunneling. And my finding also suggest that the proportion of women in the boardroom have a significantly negative impact on tunneling, and the degree of women in the boardroom also have a significantly negative impact on tunneling. Second, in the same degree to restrain the tunneling, there is a substitute relationship between the proportion of women directors and age of women in the boardroom, namely the older the average age of women director, the less the number of women directors.In this paper, research significance and the innovation place mainly embodied in the following aspects: First, with the empirical evidence, supporting the interests of the cooperative effect using equity incentive. Second, in the research of the relationship between board characteristics and tunneling, the women in the boardroom was combined. It analyze the relationship between women in the boardroom and tunneling from the degree, proportion and age. These are the innovation of this article. Third, it also enrich the domestic research on the relation between board characteristics and tunneling.