| The new third board market,known as the incubation base for innovative and entrepreneurial companies,was initially only a regional pilot,but has now been extended to the whole country,which will broaden the financing channels for many entrepreneurial small and medium-sized enterprises and high-tech enterprises.However,the rapid expansion of the new third board market gradually exposed many problems.Relevant materials show that the illegal occupation of funds by major shareholders of the company has resulted in the loss of nearly one tenth of the funds in China's new third board market in recent decades,and most of the funds are occupied by major shareholders without compensation.In addition,major shareholders adopt increasingly sophisticated means to cover up their own illegal occupation of funds,and it is often too difficult to rely only on the supervision of regulatory departments to expose the irregularities.Therefore,in order to ensure the stable and sustainable development of the neeq market,it is particularly important to prevent and solve the capital occupation problems of neeq listed companies from the aspects of the construction of external laws and regulations,supervision and management of regulatory departments,and behaviors of the company's internal governance and management.At present,domestic scholars mainly focus on theoretical research and empirical analysis of the mainboard market in terms of the illegal occupation of funds by major shareholders,but relatively few studies are conducted on the new third board market and the subject matter of case analysis.Therefore,under the background of the new third board market,this paper takes ST time airbus as a case to conduct relevant research.The research will make use of its controlling position for major shareholders of the company to transfer the funds raised by the company's private placement and operating income to cheat small and medium-sized investors,and the accumulative illegal embezzlement of the company's funds is as high as 180 million yuan.At the same time,the borrowing of illegal guarantee makes the company pay for its personal debts,which has a serious impact on the normal operation of the company,and also has a negative impact on the overall development of the new third board.In this paper,the ST when airbus large shareholders violations take fund study and analysis of the consequences,want to find out the cause of this behavior implemented and its economic consequences,and explore to solve big shareholders illegal occupy huge sum funds of listed companybehavior way,it will be beneficial to standardize management of the listed company's enterprise and promote the reform process of the new three board market.This paper consists of five chapters:the first chapter is the introduction.This chapter mainly expounds the background and significance of the research,sorts out the main research results at home and abroad,reviews the literature,and expounds and explains the research ideas,methods and basic framework of this paper.The second chapter is an overview of relevant theories on the illegal occupation of funds by major shareholders of listed companies.This chapter defines the two concepts of major shareholders and major shareholders' illegal occupation of funds,summarizes the main ways of major shareholders' illegal occupation of funds,and analyzes the motivation of major shareholders' illegal occupation of funds in the aspects of corporate governance theory,principal-agent theory and private income theory of control rights,so as to provide theoretical basis for the following articles.The third chapter is the case introduction of the illegal occupation of funds by the major shareholder of airbus in ST.This chapter takes the basic situation of airbus at ST as the starting point,analyzes the motivation of major shareholders' illegal occupation of funds,and analyzes the three methods of major shareholders' illegal occupation of funds layer by layer.The fourth chapter is an analysis of the causes and economic consequences of the illegal occupation of funds by the majority shareholder of airbus in ST.This chapter combines the internal governance of the company with the external regulatory environment,analyzes the causes of the illegal occupation of funds and the economic consequences brought by the behavior,and reveals the harm of the illegal occupation of funds.The fifth chapter is the case summary and prevention of major shareholders of listed companies illegal occupation of funds related policy recommendations.On the basis of case analysis,combined with the experience and lessons,and from the perspective of strengthening the company's internal governance and external supervision system,this chapter puts forward targeted Suggestions on preventing the illegal occupation of funds by major shareholders of listed companies.Through case study and analysis,it is found that the illegal occupation of capital by major shareholders will increase the financial risk of the company.According to various data of the company,before the disclosure of the illegal occupation of company funds by major shareholders,the behavior has had a negative impact on the company's solvency and development ability,and after the disclosure of thebehavior,the company's solvency,development ability,operation ability and profitability will have a negative impact.In addition,the big shareholders an illegal misappropriation of funds will also infringement on the interests of minority shareholders,make the contradiction between large shareholders and small shareholders intensify upgrade,cause company management changes frequently,reduce the company's cohesion,and the number of core employees lost a lot of talent,ultimately affect the company's normal operation.At the end of this paper,effective and targeted preventive Suggestions are put forward for the actual situation of the company,mainly including improving the threshold of the new third board,strengthening the company's internal control,strengthening the accuracy of external audit,strengthening external supervision and punishment. |
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