Shareholders' Funds Occupied Influencing Factors

Chinese private listed companies'major shareholders generally use the pyramid shareholding structure to maintain control.The degree of control right and cash flow right is large.Major shareholders takes up the capital of the company by various means,as a result, enterprises will be in short of funds used to self-development,then affect the development of enterprise and will finally affect the stability of the entire market.On the security market of our country,the phenomenon that major shareholder's capital occupying is merging constantly,which has became a difficult problem that restrict the stable operation and standardize of the security market in our country.The paper proposes eight assumptions based on the analysis of the theory. It Uses data for 371 private listed companies with pyramid structure as sample,combines with the analysis of descriptive,through collinear test and multiple regression analysis,tests on the hypothesis.and explains the empirical results.The results show that the majority shareholder capital occupying showed a non-linear relation with the first big shareholder's shareholding ratio.Separation factor is negative related to occupying and pass the test of significance.The higher the degree of checks and balances equity,the lower occupancy rate.Managers shareholders ratio is negative related to occupying and pass the test of significance.lt shows that the managers shareholders effectively control the behavior of funds used.The board members,proportion of independent directors,the separation between the large shareholder's occupation don't significantly effect on behavior.Debt rate are negatively related to major shareholders,by the significance test.Note the presence of the creditors bound to some extent large shareholders funds rampant encroachment acts.Control variable years with the company is positive related to major Shareholders'occupying behavior,but not by a significant test of significance.In addion,empirical research the normal company and ST company respectively,found that the impact of the first big shareholder's shareholding ratio,the degree of checks and balances equity,Debt rate and years are different in different samples.According to the previous analysis and research,I point out that if we want to solve the problem caused by major shareholders'capital occupying,we must call on the supervision and motoring from different aspects of our society.