Research On The Tunneling Behavior Of Large Shareholders Under The Concentration Of Equity

With the development of capital market,the listed company governance problems gradually emerge.Is common in the listed companies in our country,the concentration of equity structure,large shareholders in a absolute holding position,under the equity structure,on the one hand,can make big shareholders of the company's operating management for effective supervision,reduce agency cost between owners and managers.But on the other hand,due to the big shareholder control role,mostly play a role of insiders,the motivation of height control and maximize their own interests,large shareholders have conditions,have the motivation to seize the assets and profits of listed companies and constantly emptied listed companies,which can lead to become the largest shareholder of listed companies "circle money tools",at the same time,the rights and interests of small and medium-sized investors also suffered damage.The prohibition to empty the large shareholders of listed companies,to the listed companies themselves,small and medium-sized investors,market supervision laws and regulations,and even capital markets brings bad influence,need through the efforts of all parties to prevent such incidents from happening.Therefore,this article selects the XM company case analysis,first of all,in the analysis of the present situation of our large shareholders hollowed behavior,frequent hollowed cases found that large shareholders of listed companies in our country,the capital market,listed companies,small and medium-sized investors such as the main body has caused serious influence,secondly,the specific case analysis XM company,XM by reducing their holdings of cash dividend distribution,and assets reorganization,leading to the overall quality of listed companies is damaged,deteriorating profit and solvency falling.On the basis of case analysis,this article from the system construction,supervision and management,corporate governance three Angle put forward the countermeasures and Suggestions,including:we will improve the rules for reducing the size of the trade,increase the penalties for violations,enrich the channels for external supervision,and increase the proportion of institutional investors.