Research On The Conspiracy Of Major Shareholders And Executive To Hollow Listed Companies

With the rapid development of the capital market,capital market resources are becoming more and more abundant,and many companies choose to go public to make full use of resources.However,the governance capabilities and shareholding structure of most listed companies are still inadequate.For example,there will be a high degree of shareholding concentration,and the situation where major shareholders and senior management teams collude.The emergence of these situations is closely related to the hollowing out behavior of the major shareholders,which has aggravated the agency conflict between the major shareholders and the small and medium shareholders.my country's current restraint mechanism for the hollowing out behavior of major shareholders is not perfect,and the supervision and punishment measures have not been implemented,which makes the situation that major shareholders hollow out listed companies in the capital market,which has a negative impact on the development of capital markets.In the real estate industry,sales have become colder in recent years.In 2018,the area of commercial housing sales increased by 1.3% year-on-year,significantly lower than the growth rate of 7.7% in 2017,and hovered at a historical low.However,the size of Jinke's company is expanding rapidly,accompanied by increasing financial pressure.Sunac's entry into Jinke's shares in 2016 even kicked off the battle for equity.Under the dual pressure of large capital needs and equity disputes,Jinke 's major shareholders and executives conspired to hollow out listed companies frequently.Therefore,analyzing the motives,means and effects of the hollowing out behavior of the major shareholders of Jinke shares has certain practical significance for preventing major shareholders and executives from colluding to hollow out listed companies and protecting the rights and interests of small and medium shareholders.This article takes the means of conspiracy of hollowing out of listed companies by Jinke's major shareholders and executives as the starting point,and based on the relevant theories of the conspiracy of hollowing out behavior of domestic and foreign major shareholders and executives,by contacting Jinke's major shareholders and executives The actual case of collusion to hollow out a listed company,to explore the motivation and economic consequences of major shareholders and executives colluding to hollow out.After reading the relevant literature at home and abroad,summarize the research points of this article and construct the research framework of this article.This article explores the case of Jinke's major shareholders and executives colluding to empty a listed company in five chapters.The first chapter is the introduction part.This chapter firstly expounds the research background and significance of this case.Secondly it sorts out the domestic and foreign literatures related to the collusion of hollowing out by the major shareholders and executives,summarizes the research results in this field,and finally researches this article.The content and research framework are summarized.It can be seen from relevant research at home and abroad that there is relatively little research literature on the behavior of major shareholders and executives colluding to hollow out listed companies in case studies.Therefore,this article takes Jinke as the research object,hoping to prevent other domestic listed companies Such hollowing out events provide certain reference and reference.The second chapter expounds the definition of major shareholders and executives,the definition of collusion and hollowing out behavior,the means,motives,and the theoretical basis and theoretical basis for the measurement of the economic consequences of the collusion and hollowing out behavior of major shareholders and executives.The case analysis section of the chapter reinforces the relevant theoretical foundation.The third chapter is an introduction to the case where Jinke's major shareholders and executives colluded to hollow out the listed company.First,a brief introduction to Jinke's major shareholders and senior management team,and then Jinke's major shareholders and executives' collusion The means are described in detail.The fourth chapter analyzes the motivation and economic consequences of the collusion of Jinke's major shareholders and executives in hollowing out,and analyzes the impact of the entire hollowing out from the company's financial situation and shareholders' interests.The fifth chapter is divided into two parts,one is to summarize the research conclusion of the collusion of the major shareholders of Jinke and the executives,and the other is to give relevant enlightenment based on the summary of the case.This article mainly uses the literature research method and case study method for analysis.On the basis of a detailed analysis of the conspiracy of Jinke's major shareholders and executives to hollow out the listed company,it focuses on analyzing the collusion of Jinke's major shareholders and executives.Motivation and economic consequences.At present,domestic scholars mainly study the means of collusion of hollowing out by major shareholders and executives and the way of transferring benefits,and pay less attention to the motivation and economic consequences of hollowing out.Therefore,from the perspective of theory and practice,this paper analyzes the case of Jinke's major shareholders and executives colluding to hollow out the listed company,which provides other listed companies in China with effective prevention and suppression of the collusion of hollowing out by the major shareholders and executives.Certain ideas and enlightenment.Through the analysis of this case,this paper draws the following conclusions and enlightenment: The unreasonable allocation of seats on the board of directors of Jinke Shares makes the major shareholders use the control of the board of directors,collude with the company's executives to manipulate the company's capital violations,and use high forwarding to reduce holdings Cashing out,implementing hidden transactions such as connected transactions to transfer funds of listed companies and conceal important information leads to the bad financial situation of listed companies,resulting in asymmetric information for small and medium shareholders,and damage to the interests of small and medium shareholders.The concealed hollowing-out of major shareholders and executives has exacerbated the hollowing out of large shareholders,seriously infringed upon the interests of small and medium shareholders,and negatively affected the healthy and orderly development of my country's capital market.Listed companies should reduce the possibility of major shareholders' hollowing out to some extent by enhancing the independence of the board of directors,increasing the cost of collusion,strengthening information disclosure,strengthening external governance and government supervision.