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The Research On The Relationship Of Corporate Governance Structure And The Major Shareholder’s Tunneling And Propping Behavior

Posted on:2017-04-13Degree:MasterType:Thesis
Country:ChinaCandidate:J J FengFull Text:PDF
GTID:2309330482999121Subject:Finance
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With the development of the listed company,the competition of the interest between the major shareholders and the minority shareholders becomes more fierce.After the reform of non-tradable shares completed,the interests of the shareholders tend to be consistent.The major shareholders are active to adopt “propping”measures,it is necessary to study “tunneling” behavior and “propping” behavior together. Based on this,the paper chooses the new date of listed companies from manufacturing industry of China to analysis the relationship between the corporate governance structure and “tunneling”behavior and “propping” behavior,then the paper will try to put forward advises.The paper uses the methods of normative analysis and empirical research.In the perspective of related party transactions,we will study the relations between corporate governance structure and“tunneling” behavior and“propping”behavior.Firstly,introduces the relevant theoretical basis of controlling of major shareholders,related party transactions,“tunneling” behavior and “propping” behavior and then puts forward the hypothesis;Secondly,in this paper,we choose the date of listed companies from manufacturing industry of China between the year 2012 and 2014 as the research samples.then,use the descriptive analysis,the correlation analysis and the regression analysis to study corporate governance structure,“tunneling” effect and “propping”effect;Lastly,draw the following conclusions: The related party transactions have the“tunneling” effect and “propping” effect;Ownership concentration will not only strengthen “tunneling” effect but also strengthen “propping” effect.The independent director,balance of ownership,government control and “tunneling” effect has negative correlation relationship.Balance of ownership and “propping” effect has positive correlation relationship.There is no significant impact between independent director and“propping” effect.The result of government control is same.Finally,the paper puts forward corresponding countermeasures in two aspects of corporate governance structureand related party transactions based on the result of empirical analysis.One is that we should find a moderate concentration of equity,improve the balance of ownership and increase the effectiveness of independent director;The other is we should strengthen the supervision of related party transactions.
Keywords/Search Tags:tunneling behavior, propping behavior, related party transactions
PDF Full Text Request
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