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Research of Related Issues on Governance Environment、ownership Arrangement and "Tunneling" Behavior of Controlling Shareholders

Author: PangGang
Tutor: LiYuXiang
School: Chongqing University
Course: Business management
Keywords: Governance environment Ownership arrangement Emptied Controlling Shareholders Funds used
CLC: F832.51;F224
Type: Master's thesis
Year: 2010
Downloads: 138
Quote: 0
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Abstract


In recent years, the controlling shareholder of listed companies using various means emptied . Among the most common funds used . Controlling shareholder tunneling behavior has seriously affected the normal operation of listed companies and financial activities , has become China's securities market is a major positive development ills . Based on the absorption and synthesis of the literature , based on the analysis of the first acts of domestic and foreign scholars Research emptied , then the behavior of the controlling shareholder tunneling theory were back , and then emptied the controlling shareholder of listed companies exist behavior the reason to do a presentation and detailed analysis of the behavior of the controlling shareholder of the funds used . In the empirical section, select the 2003 - 2006 of 3514 listed companies as sample to funds used to measure the extent of the controlling shareholder hollowed out , using multiple linear regression method of testing environmental management , ownership arrangements with the controlling shareholder Tunneling Behavior . The results showed that the controlling shareholder cash flow rights and negatively correlated tunneling behavior ; controlling shareholder rights and cash flow rights and the degree of separation significantly correlated tunneling behavior ; compared with the state-owned holding company , non- state-owned holding listed companies control and the separation of cash flow rights the controlling shareholder tunneling behavior for a more significant impact ; controlling environmental impact controlling shareholder tunneling behavior ; control rights and cash flow rights separation on hollowed behavior, areas with a high degree of market oriented than the market weak areas of low degree ; and has less free cash flow of companies, with more free cash flow of the company, its controlling shareholder control rights and cash flow rights separation greater impact on the tunneling behavior . Based on the above findings, combined with China's actual situation , this paper presents a comprehensive internal and external governance of listed companies mechanisms.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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