The Research On The Problem Of Controlling Shareholders Encroaching On The Capital Of Listed Companies

The problem of controlling shareholders' encroachment on the capital of listed companies has always been a headache.In the critical period of market economy construction in China,especially the problem of controlling shareholders' embezzlement of listed companies' funds is very disharmonious.Scholars at home and abroad are actively studying this issue and seeking effective solutions.In the trial implementation of the reform plan of non tradable shares,we found that although the phenomenon of equity concentration of listed companies has been improved to some extent after the full circulation of shares,the relative concentration of equity and the state of "one share dominating" of listed companies will not disappear for a long time in the future.Especially for the private listed companies,because of the joint action of the property right system of the family monopoly and the unique cultural background,the controlling position of the controlling shareholders of the listed companies with the family characteristics remains unchanged.On the contrary,private companies tend to take advantage of the loopholes in this containment relationship to firmly hold the decision-making power and control power in their hands.Looking back at the past events,we find that although the regulatory measures for controlling shareholders' embezzlement of funds are continuous,the event of controlling shareholders' embezzlement of funds has not been effectively controlled,but has become more uncontrollable,and the consequences of the embezzlement are unpredictable.Xinguang Yuancheng Co.,Ltd.,a private listed company,suffered a lot from it.It can be said that the reason why Xinguang Yuancheng company was st even faced with reorganization and change of ownership is due to the capital occupation of controlling shareholders.This research will take Xinguang Yuancheng company as an example,analyze its controlling shareholder's fund embezzlement behavior,understand its controlling shareholder's fund embezzlement behavior's motivation,realization factors and consequences,and mainly understand its adverse consequences through the financial performance analysis of its controlling shareholder's fund embezzlement behaviorSome reasonable suggestions are put forward to prevent the controlling shareholders from misappropriating the funds of listed companies,such as optimizing the ownership structure,improving the corporate governance mechanism,strengthening the external supervision and regulation,and giving full play to the behavior and supervision role of intermediary agencies.On the one hand,the writing of this paper is to enrich the connotation of the theory of controlling shareholder's capital encroachment,on the other hand,it also hopes to have certain significance to prevent and contain the research of controlling shareholder's capital encroachment in listed companies.