Research On The Major Shareholders’ Interest Encroachment Behavior Of Listed Companies

Since 2018,there have been frequent scandals in the capital market that major shareholders illegally occupy the funds of listed companies.Some listed companies were maliciously hollowed out by major shareholders and lost their ability to continue operations,and eventually became the ST family,such as ST Kangdexin,ST Kangmei and ST Huaze.The embezzlement behavior of major shareholders will not only adversely affect the development of the listed company itself,but also infringe on the relevant interests of small and medium investors,discourage the investment enthusiasm and confidence of small and medium investors,and ultimately be detrimental to the healthy development of my country’s capital market.Therefore,how to control the occurrence of this behavior has become an urgent problem to be solved in today’s capital market.This article uses the case study method to select Yinyi shares,a typical and representative listed company,as the case analysis object to study the interest encroachment behavior of major shareholders.Yinyi shares started the transformation of real estate enterprises in 2017 under the background of real estate regulation and control.In the first two years of embarking on the road of automobile manufacturing,there have been eye-catching major shareholder embezzlement incidents.This article combs the development history of the Yinyi Department,deeply analyzes the specific ways and reasons why Yinyi shares were hollowed out by the controlling shareholder Yinyi Holdings and its concerted actors,and uses a comparative analysis method to analyze the Yinyi shares after they were hollowed out.The economic consequences also summarized the remedial measures taken by the major shareholders of ST Yinyi after the embezzlement of major shareholders was exposed.This article draws the following conclusions through research: internal and external incentives jointly urge the major shareholders of Yinyi shares to have the motivation and ability to use huge cash dividends and related party funds to empty the listed company.As a result,Yinyi shares are in crisis and the net profit has been two consecutive times.The fiscal year was negative,and the falling stock price dampened investors’ confidence and enthusiasm for investment.Listed companies should optimize the company’s shareholding structure,improve the company’s independent director system,and strengthen internal control.The external supervisory agency should play the supervisory function of intermediary agencies,strengthen the information disclosure system,and increase the cost of violations of laws and regulations.