Research On The Influence Of Corporate Executive Identity On The Short Selling Behavior Of Major Shareholders

Modern enterprise in our country,the ownership structure of the irrational and external legal environment of weak lead to empty controlling shareholders for their company's frequent events,between big shareholders and small and medium-sized investors increasingly prominent "agency problems".And emerging markets in our country is also a member of the economic transition period,the internal corporate governance also needs to constantly improve,external legal environment also needs a long time to perfect,therefore,the study of other constraints and supervision mechanism to restrict controlling shareholders hollowed behavior influence is particularly important.Identity as a soft factors,also have many scholars studied it with the relationship between the enterprise,such as the degree of identity between the executives to raise the level of risk can lead to company expand irregularities and are more likely to occur.It for this article provided a train of thought,which can be over the identity of the executives between enterprises and esteemed hollowed behavior to study the influence mechanism between large shareholders,perhaps can find empty inhibition behavior of new countermeasures,enrich related research areas.In this paper,we discuss the reason and means of the empty behavior of the enterprise,and the theory analyzes the causes and means of identity of the enterprise,and then USES the model to conduct empirical research on it,and then to test the theory of our theory by analyzing the example of the hollowed-out behavior of the Chinese SiChuan jinding corporation,which is purchased by the ZheJiang warren group.The results show that the identification of corporate executives has significant influence on the tunneling behavior of large shareholders.When the degree of identity change,its impact on the hollowed big shareholders mechanism will change too.The innovation point of this paper is to measure the degree of identity by using the dialect overlap.China has a large population,and different regions have different language systems and customs.Learned in the dialects in the heart of every Chinese person is weight very heavy,can't give up,so when people sensed in group communication language patterns and characteristics of high similarity,the degreemay also increase each other's identity.In order to measure the degree of identity of the executives,they divided the dialect region,the dialect film and the dialect.Finally draw the conclusion: when executives from the same dialect area,dialect and dialects small slices,are hollowed behavior of major shareholders played a supporting role,and the results are analyzed and explained.Finally,this paper puts forward some countermeasures and Suggestions based on case analysis to restrain the tunneling behavior of controlling shareholders.First of all,it is necessary to improve the unreasonable structure of some enterprises,so as to avoid the concentration of control in the hands of a few people and form the relationship between several major shareholders.Secondly,improve the environment of laws and regulations,improve the quality requirements of information disclosure of listed companies,enhance the external supervision of the CSRC and protect the interests of small and medium-sized investors;Third,cultivate stable,rational institutional investors,keep healthy and orderly development of the market,finally,the corporate governance should be avoided in the thought of cronyism,maintain a fair and just,avoid a private benefit community,used by some malicious people,reduce the probability of a hollowed-out.