| With the continuous development of the capital market,various regulatory mechanisms have been introduced to protect investors,and the punishment of violations has been strengthened.In spite of this,tunneling incidents of major shareholders are still exposed frequently,and tunneling practices are emerging in an endless stream,most of which are characterized by large amounts of money involved and heavy impact.As a more common form of enterprises in China,family enterprises play an important role in the development of the national economy.Because family members usually have a number of advantages in the board of directors,management and other senior management,or achieve the actual control of the enterprise through cross holding,forming the unity of ownership and management.It is precisely because of the high participation of family members in the ownership and management of the company that they have virtually provided a "hotbed" for the tunneling behavior of large shareholders in family enterprises,which has aggravated the principal-agent problem between large shareholders and small and medium-sized shareholders.In recent years,the tunneling problem of large shareholders in family businesses is particularly prominent,which seriously interferes with the healthy development of China’s capital market,undermines the credibility of regulatory agencies,and damages the legitimate rights and interests of investors and the normal operation of enterprises.Therefore,in the context of China’s economy,it is of practical significance to study the tunneling behavior of large shareholders in family enterprises.Through the method of case study,this paper selects the case of Li Zongsong and his wife,the major shareholders of Yan ’an Bikang,a family enterprise,to analyze the means of illegal guarantee,non-operational fund occupation,illegal disclosure and fictitious monetary fund that Li Zongsong and his wife have taken since the company’s listing.And on this basis,from the family business internal control failure,family members’ interests first and external supervision is not in place to analyze the causes of large stock dynamic hollowing.It also analyzes the influence of hollowing out by major shareholders from three aspects: minority shareholders and creditors,listed companies and the capital market.By sorting out the situation of Yan ’an Bikang,adopting the event study method for research,and analyzing the financial indicators,this paper believes that the holloping behavior of major shareholders of family enterprises will not only affect the financial ability of listed companies and damage the company’s image,but also disrupt the market order of the capital market and damage investors’ confidence and interests.Finally,based on existing studies,countermeasures and suggestions are put forward for the causes of the hollowing out of Li Zongsong and his wife of Yan ’an Bikang,in order to provide references for alleviating the hollowing out behavior of major shareholders of family enterprises and enrich the research content of family enterprises to a certain extent. |
