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Research on Financial Problems of Majority Shareholders Capital Occupying in Listed Companies

Author: MaMinWei
Tutor: GanShengDao
School: Sichuan University
Course: Accounting
Keywords: Listed companies Big Shareholders Hollowed out Funds used
CLC: F275
Type: Master's thesis
Year: 2007
Downloads: 338
Quote: 4
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Abstract


China's listed companies are mostly state-owned enterprise restructuring, the phenomenon of the widespread refinancing light conversion. Wantonly \Big Shareholders, has become one of the major ills of China's securities market, not only caused the collapse of a large number of listed companies, to the detriment of the legitimate rights and interests of medium and small shareholders, but also hindered the healthy development of the securities market. In recent years, the authorities increased the degree of attention on the Big Shareholders, and increase efforts to recover accounting models. However, the \The paper is divided into seven chapters, on the basis of research scholars, on the one hand, to explore the formation of the major shareholders of listed companies in China, accounted paragraph accounts of performance, the Big Shareholders models of motivation, conditions and accounting The object of the models were analyzed. On the other hand, listed companies to refinance with Big Shareholders contact to make up for the domestic Big Shareholders terms and equity to refinance the amount of empirical research gaps. This paper argues that accounting shall occurs mainly in companies with a large number of surplus cash, shares of listed companies to refinance may not only out of the will of the shareholders, and raised a lot of money from easily become the object of Big Shareholders. The selected Shanghai Stock Exchange from 2000 to 2005 the implementation of the allotment or issuance of A-share listed companies as sample, starting from the analysis of other receivables, net, designed to raise funds occupancy indicators, first of refinancing for listed companies contact with the Big Shareholders on two assumptions, then put forward two hypotheses for how the Big Shareholders affect the performance of listed companies. Establish the regression equation, analysis of the following conclusions: First, the listed company's equity refinancing the greater the amount, the more inclined to a higher amount of funds used. The second is occupied by the largest shareholder of listed companies to raise funds is a long-term process. The two conclusions fully illustrated listed companies refinancing was correlated with the will of the majority shareholder. Listed companies from operating activities Net cash flow Big Shareholders negative correlation. Fourth, the earnings per share of listed companies and the Big Shareholders negative correlation. These two conclusions Big Shareholders will seriously affect the operating results of listed companies. This article then introduced the Lotus Gourmet Powder Big Shareholders case, analysis accounted paragraph, confirmed the conclusion of the previous section, specific recommendations proposed to solve Big Shareholders problems, including optimization options structure, the establishment of scientific corporate governance structure, and improve laws and regulations, strengthen external supervision, as well as the sound system for the information disclosure of listed companies. Finally, concluding remarks on the basis of analysis of this study, future research directions and topics were discussed.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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