Research On Tunneling Behavior Of Major Shareholders Of Listed Companies

In recent years,there have been frequent incidents of major shareholders hollowing out listed companies in China,and this trend has become more and more intensely.Major shareholders of listed companies regard the company with a large proportion of their shares as a "cash cow" for their own private interests,regarding the company's assets as their own assets,and violate the listed companies by various means such as related party transactions,abnormal dividend policies,fixed increase,high transfer and so on.At the same time,the interests of small and medium-sized shareholders are ignored to realize the transfer of interests.Although China's capital market in recent years has gradually developed and improved in the regulatory system,the law enforcement of the supervision and management institutions has gradually strengthened,and the reform of corporate governance has been actively promoted in many dimensions,the improvement of the system does not seem to bring about the improvement of governance efficiency.The current market punishment adopted by the regulatory authorities is nothing more than administrative ways such as fines and market forbidden entry,and the full penalty prescribed by the securities law is only600000 yuan,which is really dwarfed by the fact that the major shareholders have hollowed out more than a billion profits of listed companies;and the internal management of the company is also actively reducing the concentration of equity,strengthening internal audit and introducing independent directors,etc.,but Most of the listed companies in the internal and external supervision is just stay on the surface,did not play a real role.Based on the theory of signal transmission,information asymmetry and principal-agent,this paper takes the actual case of Hareon Solar Technology Co.,Ltd as the research object,and makes an in-depth study of the case combining with relevant data protection.First of all,this paper analyzes the specific behavior of the major shareholder's interest encroachment with the help of the actual case of the major shareholder's interest encroachment of Hairun PV,and further analyzes the ways and causes of the major shareholder's interest encroachment from the perspective of information asymmetry;secondly,it expounds the tunneling means and ways of the major shareholder,such as high dividend policy,earnings management,fixed increase,high transfer,etc.;Then through finance,stock price and based on the above theoretical basis and case study,this paper concludes that the tunneling behavior of large shareholders will not only inhibit the rapid development of listed companies,damage the interests of small and medium shareholders,but also affect the stability of China's capital market.Therefore,in order to restrain the frequent hollowing out of large shareholders of listed companies,protect the rights and interests of small and medium shareholders,and promote the orderly and stable development of China's capital market,we should strengthen the construction in the following aspects: increasing the cost of violations,strengthening the supervision,management and punishment of the securities market and capital market;introducing the external third-party supervision mechanism,and actively curbing the hollowing out of large shareholders;improving enterprises The internal management system and equity balance system should be effectively prevented;the litigation system of shareholders should be improved to protect the rights and interests of small and medium shareholders.