Research On Large Shareholders' Collusion And Tunneling

At present,along with the increasingly competitive capital market and the external environment,the company's equity structure changed dramatically: equity centralization,and big shareholder holding proportion is rising,the resulting agency problems are transformed into the problem of agency for large shareholders and minority shareholders.Under this background,the global major shareholders use their control of hollowed enterprise behavior,at the same time,in the process of big shareholders hollowed enterprise is usually accompanied by its conspired with executives,the executives,empty large shareholders of listed companies is more logical.However,these collusion behaviors seriously harmed the legitimate interests of minority shareholders and disturbed the healthy and orderly development of the capital market.Therefore,the collusion of large shareholders and senior executives has become an urgent and urgent problem to be solved in corporate governance,and it has certain value for its research.ST Chengcheng is a company that was hollowed out by the Chengqingbo.Cheng qingbo has emptied five listed companies in ten years using his control,and ST Chengcheng is one of them.In 2017,several managers of ST Chengcheng city were punished or even banned by the CSRC,and the large shareholders and executives who studied in this paper have a very high degree of relevance and typical representation.Moreover,the equity structure of ST Chengcheng and the characteristics of the shareholding of the senior executives are different from that of the general shareholders,which is worth studying.This paper according to the big shareholders and senior executives of conspiring to conditions,motivation and performance,process and results,to ST Chicago problems in the big shareholders and senior executives of conspiring to delve,carried on the thorough mining found ST Chengcheng big shareholders and senior executives of conspiring to delve the existence of some problems,mainly including: the executives shareholding is zero,in a relatively big Stockholders status,is close to the big shareholders and managers,directors supervisors delayed in his duty.Then,through theoretical analysis and literature review,find the big shareholders and senior executives of conspiring to empty the reasons of the problems,mainly displays in:the big shareholders and senior executives with the goal of enterprise,information asymmetry,big shareholders,executives,and small and medium-sized investors,the big shareholders and senior executives private interests are interdependent,external regulation,small and medium investor protection mechanism is imperfect.Finally,in view of the above analysis,Suggestions from two aspects of internal governance and external regulation together,especially in the new era under the background of the interests of the "Internet + media" to strengthen the protection of the stakeholders,and create a sound capital market operation atmosphere,avoid such incidents from happening again.