Research On The Corporate Governance Of The Capital Appropriation Of Major Shareholders

With the development and improvement of the capital market,more and more companies choose to go public in order to make full use of the resources of the capital market.However,most of the listed companies are reformed from state-owned enterprises,and the ownership structure and corporate governance structure of the companies are not perfect,and there are situations of high ownership concentration and important members of the company taking office.The imperfection of corporate governance makes it possible for major shareholders to take up funds,and makes the agency conflicts between major shareholders and small shareholders increasingly fierce.In order to protect the interests of minority shareholders and maintain the healthy development of the capital market,the relevant regulatory authorities have constantly issued new regulatory measures and laws and regulations,which to some extent standardize the operation of listed companies.However,the market mechanism of restraining the behavior of major shareholders in China has not been established yet,and there is weak corporate governance,which makes the behavior of major shareholders to occupy the funds of listed companies occur from time to time,which seriously affects the orderly development of the capital market.Therefore,it is of great theoretical significance to analyze the capital occupation of major shareholders from the perspective of corporate governance to improve the corporate governance environment,prevent the capital occupation of major shareholders,protect the rights and interests of small and medium-sized shareholders and maintain the healthy development of the capital market.On the basis of consulting Chinese and foreign literatures and based on the theory of principal-agent,equity-balance and stakeholder,this paper expounds the development process,payment mode and influence of the capital occupation behavior of biochemical major shareholders,analyzes the corporate governance problems existing in the capital occupation of major shareholders,and proposes targeted governance paths.Specifically,the ways to revitalize the capital occupation behavior of biochemical major shareholders mainly include related party transactions,asset restructuring,non-operational capital occupation and illegal guarantee.The capital occupation of major shareholders mainly restricts the normal development of listed companies,leading to increased financial risks,declining profitability,core assetsbeing auctioned,and infringement on the interests of small and medium-sized shareholders,which is not conducive to the development of the capital market.The internal governance of the company is embodied in the over-concentration of the shareholding structure of the listed company,the failure of the board of directors and the board of supervisors to perform their duties,and the cross-appointment of senior management personnel.The main problems of external corporate governance are lack of independence of accounting firms and lack of supervision of capital market.Finally,this paper targeted for control of governance path,including optimizing equity structure,improve the independent director system,strengthening the supervision of the board of supervisors,perfecting the mechanism of choose and employ persons,improve accounting firm independence,strengthen the supervision of capital markets,the six aspects of corporate governance path,in order to standardize the operation of the company,to a certain extent,reduce the possibility of large shareholder capital takes up behavior.