Study On Tunneling Of Major Shareholders In Listed Companies

The major shareholders of listed companies will use their own money as a means to seek personal gain.They will treat the listed company's assets as their own assets,and infringe on the interests of listed companies through connected transactions,guarantees,and other means to realize the transfer of benefits and affect the fairness of the capital market.Fair and open.With the gradual improvement of China's capital market supervision and management system,the supervision and supervision of law enforcement agencies has been gradually strengthened.Although the behavior of some major shareholder's Tunneling has been somewhat controlled,it is still not uncommon.At present,Tunneling's approach of major shareholders is becoming more and more hidden,and the object of Tunneling is getting bigger.Not only will the listed company itself be directly hollowed out,but it will also indirectly Tunneling small shareholders in the air.This article is mainly based on information asymmetry theory,principal-agent theory and capital market signal theory,taking Hareon Solar Corporation as a case company,and combining the Tunneling case process and company financial data,the two Tunneling behaviors of the majority shareholder of Hareon Solar.Conduct in-depth studies.First of all,we study the behavior of major shareholders to Tunneling listed companies.When large shareholders hold a high percentage of listed company stocks,they use control rights to manipulate cash dividend policies,implement high cash dividend policies,transfer interests.Based on the background of the company and the industry,this article briefly describes the background and process of the cash dividends issued by the company in 2013.Based on the market reaction of the incident and the company's financial data,it studies the short-selling behavior of major shareholders.The following major findings are found.On the one hand,the high cash dividend policy manipulated by major shareholders,the implementation of short-listed company behavior,mainly motivated to meet their own cash needs,reduce the cost of obtaining control.On the other hand,the implementation of this short-sighted behavior directly resulted in a large outflow of cash resources from listed companies,which had a long-term negative impact on the solvency,operating capacity,profitability,and development capabilities of listed companies.As time went by,the stock price became more and more depressed.Indirectly,the interests of small and medium shareholders may also be damaged.Second,study the behavior of large shareholders Tunneling small and medium shareholders.Under the background of asymmetric information,major shareholders use their right to control information disclosure and infringe the interests of small and medium shareholders,resulting in the second type of agency problems.This article analyzes the steps taken by major shareholders to manipulate high-send-to-transfer stock dividends,combined with the process of subservient share reduction by major shareholders and the market reaction process.The study has the following main findings: first release information onhigh-transmission stock dividends,pushing up stock prices,and in the dark Collusion,quietly large-scale reduction;after the reduction of the basic completion of the disclosure,immediately disclose the company's huge loss of information,the stock price plummeted.Large shareholders use information disclosure control rights to cooperate with their own large-scale undercuts.They are essentially a behavior of small shareholders in the air.Combined with the above theoretical analysis and case studies,this paper believes that the Tunneling behavior of major shareholders not only empties listed companies,but also Tunneling the small and medium shareholders as the cornerstone of the capital market.Therefore,in order to curb the Tunneling behavior of major shareholders,in order to protect the interests of small and medium shareholders and promote the healthy and orderly development of China's capital market,it should mainly strengthen the construction from the following aspects: strengthen the supervision and punishment of the securities market,increase the illegal cost,and curb the major shareholders Motivation;Perfecting the system of checks and balances of equity,effective prevention;improving the litigation system of shareholders,protecting small and medium shareholders and so on.