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The Study on Large Shareholders Tunneling in the Perspective of Related Party Transactions

Author: GeGe
Tutor: LiXiaoLing
School: Anhui University
Course: Business Administration
Keywords: Controlling shareholder Tunneling Related-party transactions
CLC:
Type: Master's thesis
Year: 2014
Downloads: 2
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Abstract


Under the back ground of China’s weak supervisory system, high shareholding concentration and improper governance structure, the related-party transactions in Chinese listed companies are frequent and the amount is huge, which lead to controlling shareholders’manipulating earnings and expropriating minority shareholders’. Lots of recent cases also show empirical evidences.Listed companies in our country are basically through assets appearing on the market, the group behind their relationship exists between the complexes. Yaxing Chemical Company listed is the typical representative of this type, which is a chemical products manufacturing and sales company. Due to the illegal related-party transactions and fund occupy between controlling shareholder, Yaxing Chemical Company is disciplined by the CSRC many times. And by an enterprise in the industry has a leading position, has gradually become a serious loss, the stock is*ST company. So these papers choose the Yaxing Chemical Company as an example to study of correlation in controlling shareholder tunneling.In this paper, the problem of related-party transactions of the controlling shareholder tunneling research is the system analysis, combining the normative research and case analysis method. At first, this paper describes the definition and characteristics of related-party transactions type tunneling based on the basis of relevant theories. Again, by combining the Yaxing Chemical Company’s annual financial report data from2003to2012, analysis of the controlling shareholder tunneling through related transactions internal and external motives, methods, and serious economic consequences. According to case analysis conclusion, put forward the identification of the controlling shareholder of the tunnel excavation by using the related-party transactions. Finally, in the case analysis is proposed on the basis of specification controlling shareholder’s related-party transactions tunneling. I hope this recommendations be able to regulate the controlling shareholder tunneling through related-party have a positive reference. As the Yaxing Company as an example, we find that the tunneling behavior is universal, and related-party transactions is the main method. Second, tunneling behavior is mainly manifested in the other receivables and advance payment account, some of the items does not involve outflows, such as the guarantee is unable to reflect in the accounts, so it is more difficult to identify. Third, the related-party transactions of the controlling shareholder tunneling to the company’s market value and business performance has a significant negative impact. At last, tunneling behavior is associated with the special system background of our country. The formation and development of listed companies in our country have strong incentive to use related party transactions tunneling, the imperfect supervision system for controlling shareholders of listed companies affiliated transactions using tunneling also provides space.

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