Research On The Consequences And Control Measures Of Capital Occupation Of Actual Controller Of The New OTC(Over The Counter) Enterprise

In order to facilitate small and medium-sized enterprises to expand their business scale by introducing social funds,the New OTC Market came into being.After small and medium-sized enterprises choose to be listed in the New OTC Market,they can use their listing effect to improve their business performance,reasonably plan their own management mode,attract more capital to expand their business,promote their development,and then achieve the purpose of financing.However,due to the growth of the New OTC Market,the company's ownership structure takes the form of "one share dominates the other",its governance structure is not perfect,which facilitates the actual controller to occupy the company's funds illegally,and damages the company's performance,the interests of small and medium shareholders and the orderly operation of the capital market.Therefore,based on the perspective of corporate governance,it is of great significance to improve the corporate governance environment,prevent the behavior of large shareholders,protect the rights and interests of small and medium shareholders and maintain the healthy development of the capital market.Based on the background of the New OTC Market,this paper selects Shandong TianLiHe Software Co.,Ltd.as the case study object,expounds the process,means and impact of the fund occupation by TianLiHe actual controller,analyzes the internal and external governance problems of the successful implementation of the fund occupation,and puts forward improvement measures.Specifically speaking,Tianli and the actual controller's means of fund occupation mainly include: Fund lending,illegal use of raised funds,related party transactions,etc.their behavior of fund occupation not only restricts the resource allocation of the New OTC Market,strikes down the enthusiasm of investors,but also damages the company's image,increases the risk of delisting,affects the business performance of the enterprise,even damages the small and medium-sized shareholders and The interests of creditors are not conducive to the healthy development of enterprises in the New OTC Market.Through the analysis,it is found that the internal governance reasons for Tianli and the actual controller's fund occupation are: the excessive concentration of equity,the lack of independent director system,the formality of internal control system and the lack of public awareness of shareholders;the external governance reasons of the company are: the low cost of illegal punishment,the weak supervision of intermediary institutions,the inherent defects of the New OTC Market to provide convenience for it;and Market laws and regulations lag behind.Finally,on the basis of summing up the common features of the New OTC Market,the article takes the case company as the starting point,puts forward corresponding governance measures for the fund occupation behavior in the New OTC Market,standardizes the enterprise operation,reduces the possibility of the actual controller's illegal occupation of funds,and improves the corporate governance level and business performance of the New OTC enterprise.