Major Shareholder Funds Occupation And Information Disclosure Quality

With the continuous development of capital market and the deepening of the research of corporate governance, the role of major shareholders of listed company attracts more attention. In the modern market where has a higher ownership concentration, the research subject changed from the traditional "principal-agent" conflict to the conflict between major shareholders and the minorities. Large shareholders tend to use their control power to encroach the interests of small investors by occupying fund of enterprise. This part of treasury will affect the company’s capital turnover, reduce profitability, and even push the company into a dilemma.Information disclosure policy is a platform built between the enterprises and investors. The study of information disclosure behavior of enterprises analyzing the funds occupancy of large shareholder from family enterprises, has certain practical significance. This will provide empirical evidence of being the correct guidance for family corporate governance, strengthening the external supervision measures and the supervision system of disclosure of information for related constraints. The interests of investors will also be better protected.This paper analyzes the current situation of information disclosure of family business and major shareholder capital occupation, summarizes the relevant research results at home and abroad, uses double agent theory as the basic theory. In the part of theoretical analysis, it analyzes and discusses related theories which are involved from multiple perspectives. In the part of empirical analysis, by building a multivariate regression model, using influence factors such as the major shareholder capital occupation, major shareholders proportion, etc. The regression testes and analyses about their relationship and compares the different boards’of listed companies’situation. In conclusion, the research gets the expected result.(1)Fund occupation from major shareholders still exists, and has significant negative impact on the quality of information disclosure. (2) The higher of major shareholders proportion or the higher restriction from other big shareholders, the higher the level of information disclosure. (3) Company size, profitability, region marketization have positive impact on the quality of information disclosure. (4) The growth of family company did not significantly affect the quality of information disclosure. Finally, based on the analysis of empirical results, the research put up with some policy Suggestions to solve the problem of our country in view of the stock market situation in China.