A Study On The Asset Injection By Major Shareholders Of Chinese Listed Corporates

China stock market has entered a brand-new era after state share sale reform, which raises a wave of asset injection of major shareholders concerned by all circles. Under normal circumstances, the major shareholders often expropriate the interests of minority shareholders by transferring the resource of listed companies outside and tunneling through a variety of covert means. Few academic studies have searched on the abnormal behaviors of large shareholders' asset injection, the existing documentaries mentioned little but a transitional act that the major shareholders in trouble help the minority shareholders by asset injection for the purpose of expropriating more future interests of the minority shareholders. The difference in China stock market is that the major shareholders are not in trouble when asset injection happened, therefore, it is worth carefully studying whether it is a supporting act or not.In this paper, the author makes a detailed description of the current situation of major shareholders' asset injection in China through the examples of 149 asset injection happened in 145 listed companies. Then, the author analyses the possible ways of major stakeholders'asset injection when the major stakeholders and the minority stakeholders are in conflict and tests the performance changes after asset injection. The results show that, in China's A share market, the performance of listed companies become worse after additional investment asset injection and sale asset injection,which is an expropriating act to the minority stakeholders; while the asset injection by reorganization of asset can improve the companies' performance, which is actually more helpful to the minority stakeholders. In addition, by performance analyzing on the effects of value-adding rate of asset injection, the author finds that the major stakeholders use fake as genuine, secondary grade as first grade in asset injection...