Study On Deprivation Of The Ultimate Shareholders From The Perspective Of The "Dual Control Chain"

In August 2014,Zhang Caikui,the ultimate shareholder of Shanshui Cement(HK.00691),was deprived of his actions and was sued by the company's employee shareholders to the High Court of Hong Kong on the grounds of "infringement of the equity rights of the embezzled employee and abuse of power to seek personal gain".Since the Asian financial crisis in 1997,the problem of large shareholders infringing on the interests of small and medium shareholders has received extensive attention from experts and scholars.In 1999,La Porta et al.proposed the classical analysis paradigm of equity capital control chain.In recent years,some scholars have introduced the concept of "social capital" into the study of control rights,thus forming a "dual capital control chain" analysis paradigm containing two lines of equity capital and social capital.From the perspective of the dual capital control chain,this article will take Shanshui Cement as an example to analyze the process of the ultimate shareholder building a dual capital control chain and the reasons behind this deprivation behavior:motivation,deprivation,deprivation and deprivation,and thus "how to The deprivation of the ultimate shareholders is restricted to protect the rights and interests of small and medium shareholders.The research ideas of this paper are as follows:The first step is to explain the research background and research problems of the paper,and then based on the research status and insufficiency,this paper brings forward the research ideas,innovation points and research significance of this paper,and explains the structure of the article;The second step is to review the literature and make a general comment on this basis;The third step is to clarify the theoretical basis and provide a theoretical basis for the analysis of the ultimate shareholder deprivation of the case company using the dual control chain research paradigm;The fourth step,case analysis,takes Shanshui Cement as an example to analyze the whole process of the construction of a dual-control chain by the ultimate shareholder,as well as the causes of deprivation,the deprivation,deprivation and deprivation consequences;The fifth step proposes countermeasures and suggestions on how to restrain the deprivation of the ultimate shareholders to protect the interests of small and medium shareholders.After research and analysis,this paper concludes that Zhang Caikui's ability to deliberately deprive him of such things as his absolute authority as the ultimate shareholder,weak awareness of rights protection of small and medium shareholders,loopholes in corporate governance,and inadequate external law protection for small and medium shareholders.Afterwards,this article proposes policy recommendations on the above points.The innovations of this paper are:First,the new dual-capital control chain analysis paradigm is used to comprehensively analyze the deprivation of the ultimate shareholders of the case company;second,the case study method is adopted to refine the view of universality..The research value of this paper lies in:First,it analyzes the deprivation behavior of major shareholders from the perspective of dual control chain,and adds to the related research for specific cases.Second,the ultimate shareholder deprivation phenomenon is more common among listed companies in China.In practice,deprivation of the ultimate shareholder has a preventive effect.