Research On The Methods, Motivations And Economic Consequences Of The "tunnel Digging" Behavior Of Antarctic E-Commerce's Controlling Shareholde

At present,in the domestic capital market,the "tunnel digging" behavior of listed companies is still happening frequently.In order to regulate the operation of the capital market,China’s regulatory authorities have issued a series of policies to restrict the occurrence of such behavior,but it is still common.Due to the "tunneling" behavior of the controlling shareholder of Antarctic E-commerce Company,and its typical behavior of deep paving,long front and secret process,this paper chooses the company as the case object.This paper adopts the literature research method,case study method and event study method,on the basis of relevant theories,analyzes the behavior of "tunnel digging" of major shareholders of listed companies,explores the specific ways of "tunnel digging" of the controlling shareholders of e-commerce in Antarctica,discusses the internal motivation and external inducements of the tunnel digging of e-commerce in Antarctica,and analyzes the economic consequences caused by the tunneling of the controlling shareholders of the company.The main conclusions are as follows: first,due to the vicious circle of large-scale trademark acquisition of Antarctica e-commerce,frequent brand quality problems and unfavorable macro environment,the controlling shareholders of Antarctica Ecommerce have the idea to carry out this behavior;Secondly,due to unclear laws on association and transaction disclosure,failure of corporate governance mechanism,difficulty for other shareholders to check and balance,and weak external audit supervision,the controlling shareholders of Antarctic E-commerce had the opportunity to implement,and thus launched the "tunnel digging".Its shareholders do "tunnel digging" through direct appropriation of funds,arbitrage of selling shares after high stock prices,unreasonable employee stock ownership plans,opening up factoring business,conspiring with key customers and using current executives and former employees;Finally,the analysis concludes that the tunneling behavior of the controlling shareholder of Antarctic E-commerce has caused economic consequences affecting stock price,profitability,financing,brand reputation and equity of the securities market.In addition,this paper puts forward relevant targeted governance suggestions,and believes that in order to prevent the "tunnel digging" behavior of listed companies,Antarctic E-commerce should introduce strategic investors,improve the governance layer structure,improve the equity transfer mechanism,strengthen audit supervision,strengthen punishment,and introduce a thirdparty supervision organization.