In China's listed companies with relatively concentrated or highly concentrated ownership structure, large shareholders' self-interest nature and opportunistic behavior may lead to tunneling behavior by occupation of funds, related transactions, dividend policy, insider trading and so on because of the actual control they have. Therefore, we should establish the balance mechanism from internal governance and external balance in order to inhibit large shareholders' tunneling and protect small shareholders' interests.%在中国股权相对集中或高度集中的上市公司中,由于控股股东或大股东掌握着公司的实际控制权,大股东的自利天性与机会主义行为可能导致其利用资金占用、关联交易、股利政策和内幕交易等种种手段实现大股东掏空。为遏制大股东掏空现象的泛滥,需从内部治理和外部制衡两个角度,构建大股东掏空的内外部制衡机制,以保护中小股东权益的不受侵害。
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