| The deprivation of the major shareholders of listed companies has a very negative impact on the development of China’s capital market.The occurrence of deprivation usually needs to meet two conditions:one is that the major shareholders have a strong motive of deprivation;the other is that the implementation of deprivation can avoid all kinds of supervision.According to relevant research,the intensity of deprivation motivation depends on the degree of deviation between major shareholders’ equity control right and their cash flow right;and the probability of successful implementation of deprivation behavior depends on the ability of major shareholders to penetrate the internal control system at all levels,which is often formed through the construction of social capital control chain.The above-mentioned analysis of the logic of large shareholders’ deprivation from "equity control chain + social capital control chain" is called "dual control chain" theory.In 2018,EIN(Stock Code:002711),which has been profitable since its listing,suddenly made a huge loss.The loss in one year far exceeded the total profit of all previous years,and the company’s net assets were negative,which had a great impact on the company’s shareholders and capital market.This paper aims to analyze the truth behind the huge loss of EIN from the perspective of "dual control chain".First of all,through the analysis and summary of relevant literature,this paper analyzes the formation and operation of the dual control chain.Secondly,by combing the sources of the huge losses of EIN,this paper finds that the company’s losses are mainly composed of huge impairment and huge debts caused by litigation,and there are many doubts.hen,from the perspective of "dual control chain",n the one hand,this paper combs out the equity control chain constructed by Chen Lihao by reviewing the process of the company’s equity structure change;on the other hand,it identifies the powerful social capital control chain constructed by Chen Lihao in the general meeting of shareholders,the board of directors and the management through the joint relationship of family members and the joint relationship of acquaintances through combing the relevant enterprises and their controllers.Then,on this basis,this paper reexamines the company’s impairment behavior and debt source,and finds that there is a long-term,obvious and huge amount of deprivation behavior.That is to say,the counterparties of all kinds of impairment and debts that bring fatal losses to the listed company EIN are all in the dual control chain built by Chen Lihao.The result of these transactions is that EIN is completely deprived(negative netassets)and is in danger of delisting.Finally,combining with the actual cases,this paper puts forward countermeasures and suggestions from three aspects:improving the internal governance of the company,improving the participation awareness of small and medium-sized shareholders,and strengthening the external supervision. |
