A Research On China's Non-listed Companies Tunneling Listed Companies Through M&A And Restructure

Recently, in our country's asset market there exist those cases that non-listed companies tunneling the listed companies through M&A and restructure. These cases not only bring huge lose to the listed companies but also upset the order of the asset market. Although scholars in our country did a lot of researches on tunneling, they focused on the existence of tunneling, the relation between tunneling and big shareholder's holding proportion and the cause for the existence of tunneling, few scholars combined M&A and restructure with tunneling and systematically researched the means, characters, influence and cause of the non-listed companies tunneling the listed companies through M&A and restructure. This paper tries to do a systematic research on this issue. This paper focus its research on the following aspects: first, based on the four typical cases, analyses the means of non-listed companies tunneling the listed companies. Second, tentatively summary the characters of the M&A and restructure in which exist tunneling: Industry's range disparity is great, but the achievement is promoted quickly after M&A and restructure. There exist property right flaw or the assets are evaluated unreasonably in the process of asset replacement. The achievement of listed company merged is bad without having development potentiality. The profit increases mainly stem from related trades or assets sells after M&A. The operation state of the listed company is improved by a wide margin after M&A, and then drop continuously. Third, by doing unit root examine with structure sudden change on the four listed companies' stock price, this paper prove that disclosure of tunneling information brings permanently negative effect to stocks of the listed companies. Fourth, analyses from the listed companies,...