Research On The Behavior Of The Controlling Shareholder Of The Group Company Short Selling Listed Company

From the traditional theory of corporate governance to the theory of BM,to the theory of ownership and control,the center of the discussion has changed from the relationship between the management and the shareholders to the major shareholder and the shareholder.The problem of corporate governance has been a hot topic in the discussion between academia and industry.Based on China's special IPO system and the ownership structure of listed companies,the controlling shareholders of listed companies not only have the motives of using listed companies dominated by their excess control to seek private gains,but also emptied ability.In addition,the lack of participation and supervision of small and medium-sized shareholders,weak awareness of human rights violations,violation of punishments law is imperfect,low risk of illegal environment,the use of listed companies to transfer the phenomenon of frequent interest.Based on the special capital environment of our country,this paper studies the motive,ability and the way of the controlling shareholders of the group through the behavior of the listed company.Based on the above theories and cases,this paper is divided into the following six parts:The first chapter is the introduction,mainly expounds the study background,research purpose,research content,research method and route of FAW Group's hollowing out Fu Wei,and clarifies the whole frame of the thesis.The second chapter is the literature review and related theories.The literature review includes the explanation of related concepts,and explains the reasons,methods and how to prevent the hollowing out of the listed companies.The relevant theories explain that the big shareholders The explanation of the shareholders' hollowing out behavior and the condition and ability of carrying out hollowing out.The third chapter introduces the business structure of FAW Group and FAW-Fuwei.According to the changes of the financial statements and financial indicators since the listing of listed companies,combined with the related transaction,capital occupation and other activities that lead to hollowing out,As well as market reaction,the company responded to a detailed review of the case.Chapter 4 discusses the motivations,abilities and tunneling methods of FAW Group's hollowing out.Chapter 3,based on the case study of the third chapter,deeply studies FAW's financial data and daily activities.Group-specific hollowing out conduct in-depth discussion.The fifth chapter studies the market reaction of investors and the long-term financial indicators of FAW-Fuwei before and after the announcement of bad news,and discusses the consequences of tunneling behavior on market performance and long-term operation of listed companies.Chapter 6 gives suggestions and requirements to the state and investors by reflecting the FAW Group's hollowing out of FAW-Fuwei and the results of small and medium investors' rights protection and the summary of the article.