Research On Tunneling Behavior Of Major Shareholders In Z Company

Research on the hollowing out behavior of large shareholders has always been of great concern to scholars at home and abroad.Before the shareholding reform in my country,the phenomenon of large shareholder emptying often occurred in listed companies.In the listed company,the controlling shareholder who can decide the production and operation decision of the enterprise,using its equity advantage to carry out benefit transmission,not only damages the interests of small and medium shareholders,but also brings extremely negative impact on the capital market.With the development of social economy,my country has carried out shareholding reform and promulgated a series of related laws and regulations,covering many aspects such as insider trading,information disclosure and related party transactions.These measures to a certain extent curbed the hollowing out behavior of large shareholders,improved corporate governance,guaranteed the interests of small and medium shareholders and the order of the capital market,and promoted the rapid development of my country's market economy with a higher quality.However,due to the prevalence of equity concentration in my country's listed companies,insufficient regulatory punishment,and problems with the governance mechanism,the phenomenon of large shareholders' hollowing out for private gains has been repeatedly prohibited in recent years.Therefore,it is necessary to study the mechanism of "large shareholder hollowing out" in depth and seek ways to curb the large shareholder hollowing out behavior.In 2018,the two movies and TV series that Z Company participated in were sold on the domestic market.At this time,Z Company was in full swing,but then Z Company self-reported that the majority shareholder hollowed out,and the operating performance fell rapidly,in less than a year.During the period of time,Company Z went through two layers of ice and fire,and became another typical case of the hollowing out behavior of large shareholders in the capital market.This article takes company Z as the research object.It first sorts out the domestic and foreign scholars' research literature on the hollowing out behavior of large shareholders,applies relevant theories,and on the basis of understanding the entire case,three methods of hollowing out large shareholders,including the issuance of false Accepted bills of exchange,illegal external guarantees,and direct capital occupancy were introduced in detail,and then the motives of the large shareholders to implement the hollowing-out behavior were studied,and the reasons for the hollowing-out behavior were explored from various angles,that is,the shareholding structure was defective,the internal governance mechanism was flawed,Small and medium-sized investors failed to play their role,external supervision failed,and the consequences of large shareholders' hollowing out of company Z were comprehensively studied from the listed company's operating performance,small and medium shareholders' equity,creditors' rights and capital markets,and found that large shareholders' hollowing out behavior The consequences are disastrous for the company itself,small and medium shareholders,creditors,and the capital market.Finally,based on theoretical research and case studies,it proposed the establishment of a reasonable equity check and balance mechanism,the establishment of small and medium investor directors and supervisors,Improve laws and regulations to increase illegal costs,increase the strength and effectiveness of external audits,and broaden the financing channels of private enterprises,etc.,with a view to protecting the rights and interests of small and medium shareholders and maintaining the normal order of the capital market.