Research On The Capital Occupation Behavior Of STDa Ji Major Shareholders And Its Countermeasures

In recent years,due to a number of reasons,such as major shareholders’ sole control and weak supervision of capital market,major shareholders willfully occupy the interests of small and medium shareholders and listed companies by means of their controlling position.Among them,the capital occupation of major shareholders of listed companies emerges one after another,which not only damages enterprise value,but also disturbs the normal order of capital market.Therefore,it is of great significance to analyze the capital occupation behavior of major shareholders and its countermeasures to prevent the occurrence of such events.Based on principal-agent theory,information asymmetry theory,private income theory of control and corporate governance theory,this paper analyzes the capital occupation of major shareholders of STDaji Group by case study method.First of all,the public data disclosed by STDaji are summarized and sorted out,and the forms of capital occupation mainly include the sales and leasing of goods in the occupation of operational capital,and the forms of capital borrowing,investment and financing and illegal guarantee in the occupation of non-operational capital.Secondly,the financial risk of STDaji large set is measured by Z value and F value.The risk degree of STDaji large set is intensified after the occurrence of capital occupation event.By analyzing the trend change of financial indicators of STDaji From 2016 to 2020 to reflect its operating situation,the data shows that STDaji Great collection in the occurrence of capital occupation,enterprise capital shortage,debt paying ability,operating ability,profitability by different degrees of influence;The results show that the interests of minority shareholders suffer losses after the event announcement.The causes of capital occupation of major shareholders include unreasonable internal ownership structure,imperfect governance mechanism,ineffective control system and weak external supervision and punishment.Then,countermeasures are proposed from five aspects:(1)optimize the shareholding structure,introduce institutional investors,and improve the participation rate of minority shareholders;(2)Improve the governance of independent directors and supervisors;(3)Perfect the formulation and implementation of internal disclosure system and financial system;(4)Strengthen the punishment of the regulatory authorities,set up an official learning platform,improve the investment awareness of small and medium-sized shareholders;(5)Strengthening third-party media supervision and external audit supervision.Based on the case study of STDaji large-scale capital occupation,this paper aims to restrain the capital occupation phenomenon of major shareholders of listed companies and provide reference suggestions for listed companies and small investors to safeguard their own rights and interests.