Research On The Hollowing Behavior Of Major Shareholders Under The Background Of High Deposits And Loans

With the frequent thunderstorms of White Horse stocks such as Kangdexin,Kangmei and Dongxu Optoelectronics,the problem of high deposits and loans has also become the focus of the market.On the surface,these thunderous companies have the characteristics of both high deposits and loans,and many companies in the market also have the characteristics of high deposits and loans,but not all companies’ high deposits and loans are unreasonable.Some The inherent characteristics of industries or companies can partly explain the phenomenon of high deposits and loans.Therefore,how to determine the hidden risks behind the high deposits and loans has important reference significance for theoretical research and actual investment.In view of the above background,this article will try to analyze the ownership structure and The behavior of controlling shareholders begins to reveal the source of potential risks of both deposits and loans.I chose Kangdexin as the main case Dongxu Optoelectronics as a comparative case to study the risk of hollowing out of major shareholders under the dual high of deposits and loans.This article uses the annual report data of listed companies,official website announcements and other public information,and mainly uses case analysis to conduct research.The first part briefly summarizes Kangdexin’s company profile,equity structure,and bond issuance.Starting from the high deposit and loan,study the irrationality of this special financial feature,and analyze the difference between the book value and repayment ability of Kangdexin Cash from the aspect of the double height of deposit and loan.The main reason is that their book funds are not available.No,the controlling shareholder has transferred the monetary funds of the listed company through various undisclosed financial agreements,thus realizing the hollowing behavior.In the second part,this article selects Dongxu Optoelectronics,which also has a double high in deposits and loans,as a comparative analysis,trying to find the common characteristics of the tunneling behavior of major shareholders behind the double high in deposits and loans,such as a high ratio of equity pledges.In the third part,draw corresponding conclusions and give precautionary suggestions.It is revealed that the major shareholders’ hollowing out under the dual high of deposits and loans is actually traceable.If the dual highs of deposits and loans and a high proportion of equity pledges exist at the same time,the risk of the company being hollowed out is extremely high.Finally,based on the "high deposits and loans",We can judge whether the indicators of control rights/cash flow rights,monetary capital return rate,and major shareholder’s equity pledge ratio are illogical,in order to further explore the risk of companies being hollowed out by major shareholders.Finally,combining the commonalities of the two cases,from optimizing the shareholding structure,improving internal control,and strengthening supervision by the China Securities Regulatory Commission,suggestions are given to prevent the tunneling behavior of the controlling shareholders of listed companies,and to maintain the stability of the capital market.From the perspective of small and medium-sized investors,give some specific methods to identify the risk of hollowing-out by large shareholders under the dual high of deposit and loan,and protect their interests.