| In recent years,despite the rapid development of the capital market and the continuous updating and improvement of the market’s own management system,there are still some market problems such as the hollowing out behavior of major shareholders,and the conflict between major shareholders and small and medium-sized shareholders has seriously restricted the development of enterprises.Since the 14 th Five-Year Plan,the high-quality development of enterprises is our current important task,and studying the hollowing out behavior of major shareholders can inject new vitality into the high-quality development of enterprises.Therefore,based on the principal-agent theory,information asymmetry theory and control self-interest theory,this paper takes Antong Holdings as the case study object and studies the hollowing out behavior of its major shareholders from the perspective of related party transactions.Firstly,through the study of the parties to the related party transactions of Antong Holdings and the development history of Antong Holdings itself,the identification of the hollowing behavior of the major shareholders of Antong Holdings based on related party transactions is sorted out,and then the background of the hollowing out behavior of the major shareholders of Antong Holdings based on related party transactions is analyzed;secondly,the process of hollowing out of the major shareholders of Antong Holdings based on related party transactions is studied in detail and the corresponding conclusions are drawn;finally,According to the problems and loopholes reflected in the research conclusions,from the three levels of internal governance,intermediary institutions and government supervision,corresponding governance countermeasures are proposed for the hollowing out behavior of major shareholders of Antong Holdings based on related party transactions,in order to inhibit the hollowing out behavior of its major shareholders.At present,many researchers pay more attention to the "one share dominant" equity structure and its impact on shareholders’ equity,but most of them take a certain type of listed company as the main research object,and there are fewer detailed studies based on the situation of listed companies on a case-by-case basis.To this end,this paper takes Antong Holdings as the case study object,analyzes the hollowing behavior of its major shareholders from the perspective of related party transactions,and obtains corresponding conclusions and countermeasures,which provides a certain reference role for enterprises and enriches the relevant research on the hollowing behavior of major shareholders of logistics enterprises based on related party transactions.At the same time,through this study,it can play a certain role in inhibiting and warning the hollowing out behavior of major shareholders of listed companies,and improve the quality of information disclosure of listed companies. |
