Analysis On The Expropriation Of Major Shareholders Of Companies And Its Impact ST Biochemistry For Example

With the capital market systematic maturity and perfection,more and more companies are opting to go public to maximize capital market resources.However,many of Japan's listed companies are listed by state-owned companies due to the reorganization or sale of some of their assets,Their shares have been relatively centralized,and their internal supervisory system may not yet be in place.The existence of these conditions creates conditions for large shareholders to hollow out listed companies,and makes the debate over the power of ownership between large shareholders and small and medium-sized shareholders more serious.The actions of major shareholders to hollow out listed companies in the Chinese stock market have sometimes occurred.The virtuous cycle had a serious negative effect.Therefore,it is of great theoretical significance to analyze the reasons and impacts of embezzlement of major shareholders of listed companies in order to prevent embezzlement of major shareholders and protect the interests of small and medium-sized shareholders.Based on the principal-agent theory,control right income theory,In addition,we analyze this situation here.and expounds the behavior of the ST biochemical major shareholder invading the listed company from three aspects: means,causes,consequences,Specifically,the main ways in which ST Biochemical's major shareholders infringe on the interests of listed companies are infringement of nonoperating funds,asset replacement,and illegal guarantees.The high concentration of the company's equity and the lack of internal oversight functions are important reasons for the embezzlement of large shareholders.This is manifested by the low equity checks and balances of listed companies and the control of major shareholders by directors and supervisors,which prevents them from performing their normal supervisory duties.In addition,the imperfect external governance mechanism of the company is another main reason for the embezzlement of large shareholders,such as the weakening of functions of intermediary regulatory agencies such as accountants,Insufficient outside director,imperfections in relevant laws and regulations.And so,east incorporation-affiliated influence,marketed company's business general descendant,financial business general increase.and the stock price continues to decline or even halts.This is a normal exhibition of the company,and the profits of small and medium-sized companies.More than thought,this article puts forward suggestions on the prevention of embezzlement by large shareholders from four aspects: Complete the interior administer structure,strengthen information announce and oversight mechanisms,reinforce penalties and steady the social inspect system.The new development of this sntences: First,the current domestic research on the behavior of large shareholder embezzlement mainly focuses on descriptive empirical analysis of large samples.Comparison with case studies.The ST biochemical large shareholder embezzlement case selected in this article has a large amount of money and a long duration.Typical representation with relatively bad influence.Secondly,according to the theory of big stockholder misappropriation of public funds,from the causes,means and their economic consequences,an analysis is made from a case study perspective and relevant conclusions are drawn.Finally,it analyzes the causes and consequences of the embezzlement event from the two dimensions of internal governance and external supervision,and provides targeted suggestions for the resolution of such embezzlement problems,which helps investors reduce investment risks and provides control measures for regulatory agencies.