The Analysis On The Tunneling Of Sunshiny Mining And Its Influence

With the continuous development of modern corporate governance research,agency problem is no longer in conflict of interest between outside shareholders and internal management,but in the conflict of interest between large shareholders and small and medium-sized investors.Become a mere formality,many enterprises corporate governance mechanism of big shareholders and the problem of small and medium-sized investors form effective restriction,and the ownership structure of listed companies and the system background and the difference of the United States and other western countries,we can't directly to the latest theory and method from abroad to come to China,our country relatively concentrated equity ownership structure of listed companies,the vast majority of businesses is the phenomenon of "a dominant",the existence of this phenomenon will cause problems of empty big shareholders of listed companies.Under the background of economic transition in China,due to the laws and regulations to protect and regulatory system is relatively perfect,how to combine the Chinese characteristic system background to solve the problem of big shareholders hollowed become important challenges.Based on Sunshiny mining case study,the big shareholders and emptied of defining the basic concept,and empty of major shareholders of listed companies means and theoretical basis,combined with the case in this paper,the empty background and related party transactions,take fund,provide the illegal guarantee,such as major shareholders holdings hollowed way concrete analysis,and the effect of hollowed behavior of large shareholders is analyzed from two aspects of the value of the company and capital market.By Sunshiny mining mogul empty shareholder behavior and the theory research of the impact analysis,this thesis mainly has the following contributions:The first: summarizing the research achievements of predecessors,through corporate governance theory,principal-agent theory and the theory of corporate control hollowed Sunshiny mining,large shareholders are thoroughly analyzed in this paper,through the hollowed generalizations of the cause and means,combining with the agent theory,asymmetric information theory and control theory,a more objective evaluation of large shareholders on the empty city company behavior.In the second place,from empty theory reveals that the big shareholders listed company value and the influence of the capital market to the company.Empty behavior of major shareholders will increase the financial risk of listed companies,weaken the ability of sustainable growth of listed companies,so as to reduce the profitability of the company;Empty the behavior of listed companies will also encroach on the interests of small and medium-sized more can,reduce the efficiency of capital market allocation of resources.Study the economic consequences of a hollowed big shareholders,is of great significance for the improvement of small and medium shareholders' rights protection.Third,in this paper,through a study of the causes of large shareholders hollowed Sunshiny mining and way,found that lead to Sunshiny mining control people to delve the condition of listed companies,tries to put forward the corresponding measures and Suggestions to curb hollowed the behavior of major shareholders,further urged the governance structure of listed companies in our country and the improvement of the information disclosure system,promote the healthy development of securities market.In this paper,the basic structure of the main is divided into five chapters.The first chapter is introduction,mainly includes the research background and significance,literature review,research ideas and methods,research framework,the literature review part according to the big shareholders hollowed behavior motive,method and effect.The second chapter is theoretical overview,to define the basic concept of big shareholders and empty,and empty of major shareholders of listed companies means and theoretical basis.The third chapter in this paper,the case of metallogenic empty outside shareholders,to empty empty background and method combined with the analysis of cases,including empty way mainly includes related party transactions,take fund,provide the illegal guarantee,major shareholders holdings,etc.The fourth chapter in the third part,on the basis of impact on Sunshiny mining emptied outside shareholders from two aspects of the value of the company and capital market analysis.The fifth chapter as the research conclusion and revelation.