The Research Of Tunneling And The Path Of Interest Transfer Under The Large Shareholders And Executives Collusion

Because of the separation of ownership and management of modern enterprises,large shareholders to obtain private benefits more,need to collude with management to cut air small shareholders,and Chinese capital system is not perfect,imperfect corporate governance structure,small shareholders suffered great losses.The purpose of this study is to reveal the particularity of collusion is hollowed out,shareholders need management collusion,the collusion tunneling more is not easy to be found,it is difficult to control,greater harm to the small and medium-sized enterprise,through the case study reveals that large shareholders and management mode and benefit transfer path collusion tunneling,warning the role of the majority of investors and regulators,is conducive to the healthy development of the Chinese capital market.Through a variety of tunneling data access summary of large shareholders,combined with the basic theory,analysis of the technical department of large shareholders origin Shiba and collusion management hollowed out by case study method and statistical analysis method,and the collusion emptied of listed companies and the interests of the transfer path,hollowed out enterprises suffered serious losses,have "Phi star hats,delisting board.In order to prevent collusion tunneling,the prior supervision and control,the penalty of three aspects puts forward relevant countermeasures and suggestions to protect the interests of small shareholders,also pointed out the limitations of the case study in this paper.The innovation of this paper is through the form of case study to analyze the large shareholders and management collusion hollowed out,and most studies focus only on the tunneling of large shareholders benefit,while ignoring the other earnings management role of collusion,the management fee rate this financial data index to analyze executive perks the income situation,and these abnormal rate of management fees but also the formation of large shareholders and executives of collusion proof.