Research On The "Empty" Of Major Shareholders From The Perspective Of The Dark Side Of The Internal Capital Market

Internal capital market has two sides.Multi money effect and live money effect are the positive side of the internal capital market,which can bring huge benefits to enterprises.The dark side of the internal capital market is to facilitate the controlling shareholders’ tunneling behavior of listed companies,thus affecting the rational allocation of resources,damaging the value of enterprises and infringing the interests of investors.Therefore,it is of great significance to reveal the internal mechanism of controlling shareholders’ tunneling of listed companies through internal capital market.first,In this paper,the domestic and foreign listed companies on the corporate financial objectives,major shareholder behavior analysis,internal capital market logic and corporate governance structure of the relevant theories are sorted out and summarized,elaborated the major shareholders through the internal capital market behavior generated by the tunneling behavior of the realistic background and to solve the main research problems and significance;then,select the internal capital market as the main reason Based on the theory of return on control,internal capital market theory and principal-agent theory,this paper deeply analyzes the logic and root of the negative behavior of tunneling caused by the disorder of internal capital market,and analyzes the specific characteristics of the dark side of internal capital market combined with relevant data Presentation form.Finally,the final conclusion is drawn: Based on the dark side of the internal capital market,the tunneling behavior of major shareholders will not only inhibit the operation and development of listed companies,damage the interests of investors and related stakeholders,but also affect the stability of the development of China’s capital market,resulting in negative impact on the allocation of social resources and economic development;It is suggested that enterprises including listed companies should actively play the role of internal capital market,and promote the sound development of internal capital market in China by means of group industry strategy,optimizing the company’s equity structure,improving the independent director system,and improving relevant laws and regulations.