Research On Tunneling Behavior Of Major Stakeholders Of Shanxi Antai Group

The "Tunneling" behavior of major shareholders has always been happening in many countries around the world,and the "Tunneling" approach has become more complex and hidden.According to the data,nearly a tenth of the capital losses in Chinese stock market in the past decades have been caused by the "Tunneling" behavior of the big shareholders of listed companies.Therefore,the deep analysis of the "Tunneling" behavior of major shareholders has certain realistic significance for the long-term orderly development of capital market.This thesis,which is divided into five parts,mainly studies the tunneling behavior of major shareholders.In the first part,the thesis sorts out relevant literature both at home and abroad from the perspective of the reasons and the ways of major stakeholders' tunneling behaviors as well as the influence of such behavior on the company's performance and the capital market.In the second part,the thesis defines major stakeholders' tunneling behavior and analyzes the reasons based on the principal agent theory,the stakeholder theory,and the theory of private benefits of control.In the third part,selecting Antai Group as a case company,this thesis reviews and analyzes its tunneling event,and finds out that Antai Group's major shareholders tunnel the company mainly through capital occupying of affiliated parties and illegally providing guarantees to affiliated parties.In the fourth part,using the financial data of Antai Group in the past five years,this thesis analyzes the consequences and causes of the tunneling behavior of major shareholders and finds that the tunneling behavior of the major shareholders of Antai Group has caused very adverse impacts on the company's on-going business.The thesis also discovers that the following reasons account for the tunneling behaviors: non-action of minority shareholders,complicated relation between major shareholders and relevant parties,irrational internal governance structure and lack of external supervision.In the fifth part,pointing at the above-mentioned reasons,the thesis puts forward some suggestions to restrict the tunneling behavior of the major shareholders of Antai Group.This thesis systematically analyzes the tunneling behavior of major shareholders by combining theories and practice.On the one hand,the existing literature in the relevant field of research has been enriched;on the other hand,minority shareholders could understand the tunneling behavior of major shareholders more clearly and enhance their awareness of prevention.At the same time,this thesis puts forward some suggestions from the perspective of the case company,which has certain reference significance to restrict the tunneling behavior of big shareholders and enhance the level of corporate governance.