Research On Tunneling Behavior Of Large Shareholders In Listed Companies From The Perspective Of Minority Shareholders’ Rights Protection

In recent years,there are frequent cases of hollowing out by major shareholders in listed companies.In order to meet their own income,the major shareholders use their control power to empty out the listed resources in various ways,which not only affects the development of listed companies themselves and damages the rights and interests of small and medium shareholders,but also seriously hinders the healthy development of the capital market.In China,it is not uncommon for listed companies to fall into difficulties due to the hollowing out by major shareholders.How to prevent the hollowing out by major shareholders so as to protect the rights and interests of small and medium shareholders is the focus of modern corporate governance.The creation of the incident of emptying by major shareholders has greatly aroused the concern of relevant departments for the protection of the rights and interests of small and medium shareholders.since2018,China has revised the Code of Governance of Listed Companies,the Company Law and the Securities Law one after another,with the aim of strengthening the protection of the rights and interests of small and medium shareholders,maintaining the stability of the capital market and promoting the healthy development of the capital market.In addition,in order to protect the interests of small and medium-sized investors,the China Securities Regulatory Commission(CSRC)has established special protection agencies for investors,namely the China Securities Investor Protection Fund and the CSRC Small and Medium-sized Investor Service Center.The enactment of the above-mentioned laws and the establishment of official protection agencies show that our government is committed to improving the mechanism for protecting the rights and interests of small and medium-sized shareholders,safeguarding the rights and interests of small and medium-sized shareholders and establishing a capital market with transparent information and standardized systems.Based on the above-mentioned background,this paper aims to improve the ability of small and medium shareholders to identify the emptying behavior of large shareholders through this study,and to put forward corresponding suggestions and insights from the perspective of protecting the rights and interests of small and medium shareholders,so as to better protect the interests of small and medium shareholders.Based on the perspective of protecting the rights and interests of small and medium shareholders,this study takes ST Zhongzhu’s major shareholder’s emptying behavior as the research point,and adopts the theoretical basis of information asymmetry theory,tunnel effect theory,principal-agent theory and control return theory,and adopts case study method,literature analysis method and quantitative analysis method to conduct an in-depth analysis of this ST Zhongzhu’s major shareholder’s emptying behavior.Firstly,this study introduces the basic situation of ST Zhongzhu and sorts out the emptying incident,secondly,it studies the ways,causes and economic consequences of the emptying behavior of the major shareholder of ST Zhongzhu,and finally,it puts forward the case revelations and suggestions in order to provide reference for other similar problems.This paper concludes from the research that there are many ways of emptying by major shareholders,and in this paper ST Zhongzhu mainly empties the listing through non-operating capital appropriation,illegal associated guarantee and high premium associated transactions;and the main reason of emptying behavior is the unreasonable shareholding institution of the company which leads to the major shareholder holding the control and the failure of internal control of the company;finally,due to the emptying behavior of major shareholders,the interests of the listed company are damaged and affect The company’s financial status and value,at the same time,make the rights and interests of the small and medium shareholders are damaged,which is not conducive to the smooth and orderly development of the capital market.