Study On The Misconduct Of Major Shareholders Of Listed Companies

With the development and improvement of modern corporate governance,the first type of agency problem between the owners and managers has gradually turned to the second type of agency problem.According to the existing research results of scholars,currently there is a phenomenon of relatively concentrated equity ownership in listed companies in China.The internal structure of "one share is dominant",imperfect governance mechanism and lack of targeted institutional background are all hotbeds for the misconduct of major shareholders.In such a market context,how to solve this major problem in combination with the institutional background with Chinese characteristics has become an important challenge.Based on control theory,information asymmetry theory,principal-agent theory and related theory,choose sea embellish photovoltaic(pv)as the study case,from the company since 2011 "backdoor listings",big shareholders infringe on the company and the interests of minority shareholders,the two events in detail elaborated the improper behavior of large shareholders and their effects,analysis to sea embellish photovoltaic company itself exists flaw,thus "suit the remedy to the case",in combination with the practical situation of the company gives practical advice.The first part is the introduction,including the research background,research significance,research content,and points out the innovation;The second part is a literature review at home and abroad.Starting from the motivation of misconduct,the manifestation of misconduct and the influence of misconduct,relevant research results of domestic and foreign scholars are sorted out respectively.The third part is related concepts and theoretical basis.Firstly,it introduces the concepts of "major shareholder","inappropriate behavior","connected transaction" to provide theoretical basis for the analysis of this paper.The fourth part is the performance status of "inappropriate behavior" of major shareholders of domestic listed companies,mainly describing and analyzing the current significant "inappropriate behavior" generally.The fifth part is case introduction and analysis of general situation of the development of photovoltaic industry,and introduces the company’s basic information,second for major shareholders manipulation of related party transactions,manipulating high sent now this two kinds of misconduct and their effects were briefly,and finally on the basis of above analysis,explore problems of sea embellish photovoltaic company itself,including internal control failure,equity concentration,low violation cost,such as the fuzzy information disclosure;The sixth part puts forward some specific and constructive countermeasures against the misconduct of major shareholders.The last part is the research conclusion.Through the study of this typical and representative case,the author puts forward practical and practical Suggestions from both internal and external perspectives.On the one hand,it is necessary to restrain the misconduct of major shareholders from the perspective of external supervision;on the other hand,it is necessary to create a good internal control environment for protecting the interests of minority shareholders from the perspective of corporate governance.Only the combination of external supervision and internal governance can escort the sound development of China’s capitalist market.