Research On The Behavior And Economic Consequences Of Private Equity Major Shareholders Hollowing Out Listed Companies

In China's listed companies,The stock rights are generally concentrated,and the agency conflicts between large shareholders and small and medium shareholders are serious.,and large shareholders often damage the interests of small and medium shareholders.In recent years,although the China Securities Regulatory Commission has continuously strengthened the supervision of the capital market,the phenomenon of large shareholders' hollowing out of listed companies has been banned repeatedly,resulting market impact is not good.At the same time,China's private fund investment industry has developed rapidly recently,and the investment scale has been expanding.The type of private fund investment has also changed from the initial growth investment to a more diversified investment form,among which more holding-type investments are emerging.It is generally believed that private equity investment can promote the growth and development of the investee,but private equity investment is financial capital with strong speculation and obvious "short-sighted effect".If private equity,as a major shareholder,cannot obtain sufficient exit income,it may gain income by harming the interests of the investee.This article hopes to prevent the recurrence of a case similar to Zhuhai Zhongfu's major shareholders through the case study of Zhuhai Zhongfu's major shareholders.Although there are many cases of large shareholders tunneling listed companies,there are few cases of private equity large shareholders as the main body,and Zhuhai Zhongfu is a typical case.As CVC's capital is hollowed out,Zhuhai Zhongfu is reduced from the leader of the industry to * ST Zhongfu.In this paper,the process of CVC capital hollowing out Zhuhai Zhongfu is combed,and the reasons for the hollowing out are analyzed.In the notes,some defects of equity structure and imperfect internal management mechanism are the preconditions of capital aggregation in Central China.The failure of asset evaluation institutions to maintain independence and low illegal cost of hollowing out are also the factors that help CVC capital to make a series of hollowing out.From the perspective of the motivation of CVC capital tunneling,the first reason is the strong profit-seeking nature of private equity institutions,and the second reason is the lack of deterrence of external supervision institutions.The final result is that Zhuhai Zhongfu has become an empty shell,which investors do not like,no matter from its own operation or marketfeedback.In order to prevent large shareholders' investment and private fund investment,this paper finally puts forward policies and suggestions to optimize the equity structure and improve the management system of the board of directors.ng el supe The hollowing out of major shareholders has not only had a devastating effect on the listed company itself,but also caused turbulence in the capital market,causing uneasiness among small and medium shareholders and creditors.In case studies at home and abroad,private equity as a major shareholder has been researched for hollowing out less,and it is different from ordinary major shareholders.In some cases,the hollowing-out motivation is stronger than the major industrial shareholders,which has relatively unique research value.