Research On The Causes And Countermeasures Of The Interests Embezzlement Of The Controlling Shareholders Of Listed Family Enterprises

In recent years,China's economy has developed rapidly,and public companies play a vital role.Public companies are the main force in developing market economy.Among them,family businesses have contributed a lot to the country's vigorous development.However,family businesses are more subjective,different governance models,and more difficult to manage.Under the current institutional background in China,the information disclosure system,delisting system,and small and medium-sized investor protection systems are not perfect,which provides a "gray zone" of corporate governance for the major shareholders and management of family businesses.As a result,in the torrent of market competition,in order to meet the interests of major shareholders,family business shareholders are likely to violate the operating principles of listed companies,ignore the interests of small and medium shareholders,and conceal small and medium shareholders from conducting family related party transactions.This not only threatens the legitimate interests of small and medium shareholders and companies.Over time,the entire capital market will be in crisis and social credit will be damaged,leading to a loss of confidence in the market economy.Therefore,it is significant to study the countermeasures against the interests of the controlling shareholders of listed family companies.This article takes Gao Sheng Holdings Co.,Ltd.as the research object,and analyzes the company's self-exposure and related data and information exposed by the Securities Regulatory Commission.In 2015,the company merged Gao Sheng Technology and switched its main business to the Internet service industry.From 2015 to 2019,there were different degrees of encroachment of interests.For example,crazy acquisitions with high goodwill and high premiums by passing small and medium shareholders,providing huge amounts of illegal guarantees and joint loans,and family controlling shareholders' occupation of non-operating funds,unreasonable cancellation and rejection of small shareholder proposals.From these ways of profit appropriation,it can be seen that the company's second type of principal-agent problem among the company's large and small shareholders is prominent,and internal and external governance are deficient to varying degrees;irrational dividend policies also provide a large amount of cash retention for shareholder appropriation;controlling shareholder equity concentration,the weak position of small and medium shareholders is prominent.In this regard,based on the relevant chart data,this article analyzes in detail the various illegal activities carried out by the company's family controlling shareholders for the purpose of encroaching on interests.Through the analysis of the specific methods and causes of the encroachment of the interests of the major shareholders of Gaosheng Holdings,it was found that by optimizing the internal governance structure of the company,strengthening the balance of equity,and implementing the high responsibility of directors and supervisors;increasing the binding force of external systems,giving play to the regulatory role of intermediaries,and improving Various information disclosure systems,protection and compensation systems for small and medium shareholders,and strict premium acquisition systems;improving risk prediction ability and rights protection awareness of small and medium investors can effectively deal with the issue of interests of controlling shareholders,and help family businesses to get the advantages of survival and development.