Supervision On Tunneling Behavior Of Major Shareholders Of Zhongzhu Medical Co.,Ltd

With the continuous development of China's capital market,the number of listed companies is increasing.In recent years,although the regulatory authorities continue to issue policies to strengthen supervision,the progress of science and technology and the expansion of financial business still give listed companies more opportunities to empty out.From St Baoqian,LETV and Zhongzhu medical tunneling events,there are more and more ways for large shareholders to tunneling listed companies,and the ways are more and more secret.At the same time,they are tunneling through a variety of means.This puts a lot of pressure on regulators.In this context,this paper combs the research on the tunneling of large shareholders by Chinese and foreign scholars,and studies the tunneling of large shareholders from the perspective of influencing factors,tunneling methods and influences of large shareholders and governance of tunneling by external supervision.According to the literature review,it is found that scholars' research on external supervision is less than hollowing out behavior and internal governance,and there are few case studies,so this paper has research value.Based on the theory of information asymmetry,the theory of private interest of control right and the theory of principal-agent,this paper takes Zhongzhu medical,once known as "the first share of ophthalmic medicine",as a case,through the means of hollowing out the major shareholders of the company,the economic consequences to the company and the analysis of the effect of the external supervision of the CSRC,the exchange,the accounting firm and the media on the event The function and deficiency of external supervision.Through case analysis,it is found that the following defects exist in the external supervision,the punishment for violation of regulations is insufficient and far less than tunneling to obtain profits,the identification of invisible related transactions is difficult,and the media's attention to ordinary enterprises is low.In addition,the failure of internal control in the company,such as the general meeting of controlling shareholders,the board of supervisors and independent directors,increases the difficulty of external supervision.In view of the problems in the external supervision,this paper gives some countermeasures and suggestions,including:(1)increasing the cost of violation of regulations,increasing the penalty fine and administrative sanctions to increase the cost of large shareholders' tunneling.We will strengthen the system of drawing and publicizing the drafts of financial intermediaries,and urge accounting firms and other institutions to take responsibility for their work.(2)Strengthen supervision,improve the identification efficiency of invisible related transactions,and use modern scientific and technological means such as big data to realize information exchange.(3)By setting up a reward mechanism for the media,the media are encouraged to supervise the illegal behaviors of listed companies and broaden the supervision channels.