Research On The Tunneling Of Listed Companies By Related Party Transactions Of Major Shareholders Of ~*ST Hairun

Since the establishment of China's capital market in 1990,the market has expanded rapidly after more than 20 years of development.So far,there have been more than 3,600 listed companies in Shanghai and Shenzhen.The total market value of listed stocks has exceeded 55 trillion yuan,and listed companies have become China.An important part of the overall composition of the economic system.In tandem with the rapid development of China's capital market,it is not uncommon for large shareholders to use short-selling methods such as connected transactions and capital occupation.Due to the high concentration of equity,most of the company's shares are in the hands of major shareholders.The final resolutions of the shareholders' meeting and the board of directors are often manipulated by them,and even the company's top management is appointed by them.Therefore,the majority shareholder basically controls the company.And major business decision-making power,and small and medium-sized shareholders can not participate in the company's governance process because of the small number of shares held.The understanding of the operation of listed companies can only be achieved through the disclosure of information.There exists between small and medium shareholders and controlling shareholders.Serious information asymmetry,this behavior provides a prerequisite for major shareholders to infringe the interests of small and medium shareholders.The phenomenon that large shareholders short-selling the resources of listed companies has become a major problem in China's capital market.Through the frequent improper related party transactions between related parties,the profit packaging and the major shareholders of listed companies have encroached and short-listed through related party transactions.The company has seriously interfered with the normal business activities of listed companies and damaged the interests and confidence of investors.In recent years,the state has vigorously advocated the development of new energy industries.The photovoltaic industry is in a relatively core sector in the industry.A large number of investors follow the trend of policies,and the influx of funds has increased the potential of large shareholders' short-selling behavior.may.In this context,the case study is targeted by the former photovoltaic industry star stocks Hairun Photovoltaic Technology Co.,Ltd.(hereinafter referred to as "~*ST Hairun"),which will be sold around the ~*ST Hairun's major shareholder connected transaction.The path of behavior explores the motives for implementing short-selling behavior and the accompanying economic consequences.This paper analyzes the short-selling behavior of major shareholders in the process of company-related transactions by using the method of coexistence of literature research and case study.Taking principal-agent theory,control theory,and information asymmetry theory as theoretical support,through studying domestic and foreign literature,consulting a large number of news and ~*ST Hairun announcement documents(annual report,Dahua Certified Public Accountants' special opinions and independent The director's special situation description,etc.)combed the research points of the case and constructed the research framework of this paper.Analysis of this case For companies controlled by major shareholders,how to circumvent the large shareholders to open out in the form of connected transactions has far-reaching significance.The opening of this paper first introduces the background and significance of this topic and the related literature review,and summarizes and comments on the previous year's literature views.Secondly,this paper describes the concept of connected transactions,followed by the description of the use of large shareholders.The measures and motives for trading short-listed companies,and the theoretical basis of this paper are proposed,which provides the theoretical basis for the following;once again,the case is introduced,and the situation of related parties and the development history of ~*ST Hairun are briefly introduced.The paper explores the path of ~*ST Hairun's short-selling behavior,and explains how ~*ST Hairun achieves the final short-selling through related transactions;the following is the case analysis part,which analyzes the actual occurrence of the ~*ST Hairun major shareholder's short-selling behavior.Motivation,at the same time,analyzes the economic consequences of ~*ST Hairun after the short-selling,from the company's own radiation to the final reflection of the public investors into the entire capital market;finally through the exploration of this case,combined with the general situation of today's Chinese companies,put forward some measures to prevent major shareholders from short selling listed companies through related party transactions.Meeting.Looking back at ~*ST Hairun's entire short-selling event,the major shareholder relied on its own control over the company and used the connected transaction to transfer the benefits,which ultimately led to a series of negative impacts.Among them,the related party transactions are only one of the means for the major shareholders to take advantage of their own interests.There are still many factors to be considered in restricting the short-selling behavior of the major shareholders.However,through the analysis of the negative aspects of the major shareholders' connected transactions,it is still possible to achieve certain enlightenment.On the basis of reading relevant literatures,this paper studies the behavior of short-listed listed companies of ~*ST Hairun's major shareholders under the related transactions through the combination of theory and case.It concludes that short-selling connected transactions will not only weaken the company's operational capabilities at the company level,but also increase the company's financial risk.For external individual investors and institutions,the quality of accounting information disclosed by the company will also be reduced,which will seriously damage the company's reputation and trigger a credit crisis.