Research On Internal Power Checks And Balances, External Supervision And Major Shareholders' Liquidation And Reduction Of Holdings

China's capital market is still in the stage of development and perfection.In recent years,the dividend policy of "high delivery and transfer" has been adopted by many listed companies.Dividend distribution policy not only sends positive or negative signals to the outside world,but also determines the long-term development of the company and the return of shareholders to a certain extent.The implementation of the dividend policy often drives the company's share price up.After the split share structure reform,the reduction of large shareholders is more common,and the timing of large shareholders' reduction directly determines the amount of cash.The sharp rise in share price after "high delivery" provides the best opportunity for large shareholders to reduce their holdings.Therefore,we need to pay attention to whether the policy of "high transfer" implemented by large shareholders is reasonable.If it is unreasonable,what internal and external conditions have contributed to the behavior of large shareholders who encroach on the interests of companies and small and medium-sized investors?On the basis of reading a large number of relevant documents at home and abroad,this paper combines the principal-agent theory,the board governance theory,the dividend theory,the securities market supervision theory and the audit demand theory,etc.and selects Yongda Co.Ltd as a case company to analyze the relationship between the reduction behavior of Lv Yongxiang,the founder shareholder and the "high transfer" policy,and what factors have contributed to the successful completion of large shareholders' behavior and successfully cashed 6 billion 770 million yuan.The study found that: After the expiration of the stock sale of the company,Lv Yongxiang and others raise the stock price of the company through the implementation of "high transfer" policy which does not conform to the actual situation of the company,and then continue to reduce its holdings,which seriously infringes the interests of the company and the interests of small and medium investors.Internal balance of power,including ownership structure,power allocation of board of directors,independence of independent directors and power control in articles of association,and external supervision,including the executive power of the regulatory body,the supervision of the securities market and the quality of external audit,both provide opportunities and conditions for large shareholders to carry out the policy of "high delivery and transfer" and to choose the right time to sell stocks.Based on the above content,according to the conclusion of the case analysis and the actual situation of China's capital market,the paper puts forward policy recommendations from the following three aspects: We can improve the power allocation and power control of the board from the Board Appointment and removal mechanism,the independence of independent directors and the optimization of company ownership structure.We should strengthen the supervision of the securities market from the perspective of relevant government departments,securities associations,securities companies and securities practitioners.We should make up for the defects of independent auditing system from the aspects of accounting personnel's professional quality assessment,audit rotation system and regulations Punishment.Through the above analysis and suggestions,we will further restrict and standardize the behavior of major shareholders.