Research On Tunneling Behavior Of Large Shareholders Of HZ Company Based On Related Party Transactions

When the mode of corporate governance becomes more and more diversified, the core of the conflict is the principal-agent problem, which is the conflict of interests between the shareholders and the shareholders. In a company,the absolute control of the majority shareholder, they can control the important decisions of the enterprise,but also can be used to gradually erode the interests of small and medium investors.The conflict of interests between shareholders and small shareholders, as well as the protection of the interests of small investors gradually warming. In China's capital market matures, the major shareholders will use the relationship between the parties to complete the "hollowing out", but also in the real life of the interests of small and medium enterprises have also occurred. For example, Wuliangye Norcent event etc..For a long time,China's Securities Regulatory Commission will be small and medium-sized investors as the focus of market regulation, but there are still many large shareholders to ignore this situation, the company still cynically emptied, for his own illegitimate interests. Therefore, in order to ensure the capital market to run well,we must protect the interests of small investors.HZ Company is also the largest shareholder in the related party transactions and the means of capital occupied by listed companies emptied,and this event was exposed by the media in 2016. This paper starts from the related party transactions,after a careful combination of literature research results, the specific means by comparing reality to analyze HZ tunneling of large shareholders, such as illegal guarantee, illegal possession, insider operation etc.After the conclusion, this paper will start from the operating profit, and debt three ability to analyze the consequences of tunneling, and has put forward to solve the problem of countermeasures, finally let many investors in the stock market to a variety of related transactions of the inferior low transaction alert, and provide some suggestions for China's capital market norms and healthy.