大股东“隧道挖掘”与其监管.研究

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1、山东大学博十学位论文corporategovemanceandSOon．Astotheadverseeffectsofshareholders’tunnellingonlistedcompanies’financialstatus，theresearcheshaveexploredthosebadeffectsofthetunnelingways，such觞transactionsbetweenrelatedparties，exceptthewayofexpropriationoflistedcompany‘Sfundbycontrollingshar

2、eholder,andSOon．Additionaly，inordertofindoutthetunnellingmechanism,theauthordividedthebehaviorintotwomaintypes，andconcretedtheproblembycombiningthebehaviorsandtheessentialcauseofeachtype．Inthisthesis，by吣ingempiricalmethodtheauthorstudiedthebigshareholders'tunnelling．Byanalyzingt

3、heeases，theauthoroutlinedtheproblem'sactuality,impactdegree，andtherelationsbetweenbehaviorsandcontrollingshareholders．Fromtheauthor'spointofview,tosettlethetunnellingofcontrollingshareholders，wemustvalidatelistingcompanies'governancemechanism，straightenoutsupervisionofcontrollin

4、gshareholdersandprotectionofminorityshareholders．Atthesametime，weneedtoconsolidateexternalenvironmentandinstitutions．Theacademiccircleadvancesanewgovernancemechanism-----theownershipstructureofcheckandbalance‘typewithmultiplelargeshareholderssharingtherightofcontrolanditsgoverna

5、ncemechaIlis扛r——_。t0counteractthelargeshareholders’infringementonminorityshareholders．Thisisacheckandbalancemechanismamongmultipleshareholderssharingtherightofcontroltopreventlargeshareholdersfromsnatchingcorporatevalueandinfringingonminorityshareholder．Itisbothofaspecialownersh

6、ipstructureandofacheckandbalancegovernancemechanism．Therearemainlythreetheoreticalmodelsexplainingthisgovernancemechanism．(1)Modelbasedonimprovingthesupervisionefficiency．(2)Modelbasedonreducingtheinfringementontheminorityshareholders．(3)Mixedmodel．infringementontheminorityshare

7、holders．(3)Mixedmodel．Afurtheranalysisofgovemancemechanismwithmultiplelargeshareholderssharingtherightofcontrolshowstherearetwoeffects．Ononehanditwilldecreasethecostincurredbytheinfringementonminorityshareholders，ontheotherhanditwill．1eadtothecostincurredbyinefficientdecision—ma

8、king．Generallyspeakingotherthingsbeingequalthep