Research On Tunneling Of Controlling Shareholders Of Listed Companies And Its Economic Consequences

Nowadays,as companies continue to expand in scale and expand business,new or mergers and acquisitions occur from time to time,which makes the relationship between companies more and more close,and retrospectively found that most of them are controlled by the same entity or natural person.Under the general trend of centralization,high-weight controlling shareholders stand out from a large number of scattered investors,and the final arbitration power they hold forces small and medium shareholders to be silenced.The hidden egoistic thought induces embezzlement and further intensifies the relationship The principal-agent problem.This requires the contradictory subject to change from a manager to a small investor,while effectively identifying and responding to the corresponding advancement of the times,that is,paying attention to the unconventional transactions between the controlling shareholder and the listed company,whether there are unauthorized acts such as tunnel mining,etc.To find the relative balance between the rights and obligations of various shareholders,and put forward suggestions for improvement to resolve conflicts.This article analyzes the two ways of tunnel excavation of the "bad associated asset transaction" and "non-public private placement of additional shares + equity pledge" by Yangtze River Precision Steel Structure(Group)Co.,Ltd.through logical reasoning and index calculation.First,under the condition that the interest cost of the external financing market is high and the surplus is insufficient,the reasons and problem signals for the controlling shareholders to use the combined tunneling method to obtain capital replenishment can be summarized,and then they can be targeted and urge the external regulatory agencies,organizations or The media should do supervision and rectification,and standardize market operations.Simultaneously,enterprises are urged to strengthen internal control,improve the asymmetric information environment for small and medium shareholders,and maintain the rights of vulnerable groups to flexibly use the law to provide reference for solving the problem of related party transaction tunneling.The innovation of this article is the exploration of tunnel excavation methods.Under the original single-dimension research dimension,the combination of operating and financial contribution methods to expand the combined approach of controlling shareholder tunneling is of substantive significance for resolving the second type of principal-agent conflict.