Research On Pyramid Ownership Structure And Ultimate Controller's Interest Occupation

At present,a large number of domestic and foreign scholars have shown that there are ultimate controllers behind most listed companies in the world.Without a good external supervision and eontrol environment,ultimate eontrollers are likely to use various ways to encroach on company assets and meet their own private interests through private transfer,which not only seriously affects the normal production and operation activities of listed companies,but also hurts the interests of medium shareholders.Usually,ultimate controllers can strengthen the control of listed companies by cross-shareholding,multi-shareholding and pyramid ownership structure,which will lead to a certain degree of separation between cash flow rights and control rights.A large number of research reports show that the pyramid ownership structure can provide motivation and convenience for the ultimate controllers to tunneling listed companies and occupy the interests of minority shareholders,which is also the most widely used ownership structure in tunneling behavior research.On the premise of introducing the pyramid ownership structure,this paper introduces the motivation and mode of the listed company,s interest embezzlement behavior,and focuses on the ease analysis.This paper chooses the rejuvenation of the blood products company in the monopoly industry as the research object,and analyses how its ultimate controller uses the pyramid structure step by step to empty the listed company,so as to make the company cannot cancel risk early warning from 2006 to 2016,and the rights and interests of small and medium shareholders have been seriously infringed.Firstly,this paper introduces the industry environment and development trend of revitalizing biochemical industry.Secondly,it analyses how the ultimate controller of revitalizing biochemical industry uses pyramid control chain to achieve the purpose of tunneling,including transferring high-quality assets of listed eompanies through affiliated transactions,injecting non-performing assets,utilizing the guarantee of listed companies not disclosed in time,etc.Finally,the paper analyses the influence of the ultimate controller's encroachment on the interests of listed companies from two aspects,medium shareholders and listed companies.This paper puts forward feasible suggestions to improve the corporate govermance structure of our country in order to protect the rights and interests of minority shareholders.