2. Excessive &; Ldquo packaging &; The listing of rdquo leads to congenital &; Ldquo defect. . In order to meet the requirements of listing, a considerable number of listed companies were born out of a high-quality asset or a branch of an enterprise group, but they stripped off non-high-quality assets and surplus labor and stayed in the original enterprise. The incompleteness of its assets in the industry makes it impossible to face the market independently, or rely on the parent company to supply raw materials needed for production, or rely on the parent company's sales channels to sell products, resulting in a large number of related transactions, which objectively creates conditions for the major shareholders to occupy funds.
3. Listed companies &; Inside ldquo &; Rdquo control problem is serious. Due to the widespread phenomenon of cross-appointment between senior executives of major shareholders and senior executives of listed companies, some senior executives of major shareholders who hold several positions almost cover the decision-making power, supervision power and management power of listed companies, and actually cross-appointment &; Ldquo Coach &; Rdquo, and. Ldquo athletes. There is also the role of & ldquo in judging rdquo listed companies, which makes listed companies further controlled by minority shareholders and insiders, resulting in repeated damage to the interests of listed companies.
4. The functions of the board of directors of listed companies are not perfect. Most of the listed companies in China are restructured from state-owned enterprises, and the division between the board of directors and managers of many companies is still unclear. In addition, the state-owned shareholders lack the will and ability to supervise the board of directors, so the board of directors cannot exercise its supervisory function over the operators. At present, although listed companies have introduced the independent director system, due to some tacit understanding, most independent directors are&; Ldquo vase & rdquo directors, it is difficult to do their duty.
5. Listed companies &; Ldquo management. The demand for profit. In order to refinance or avoid sT, some listed companies have reached some agreements with major shareholders, such as selling assets with low book value to major shareholders at ridiculously high prices, which has created huge profits, but major shareholders have not paid listed companies in cash, but collected other accounts receivable, so on the one hand, listed companies have realized profits, on the other hand, major shareholders owe money; Other listed companies directly lend money to major shareholders, and then charge capital occupation fees, so that in the company &; While ldquo exports rdquo profits, it forms huge accounts receivable.
6. Lack of relevant laws and regulations, lax supervision and loopholes in the supervision system. Some listed companies have a huge black hole until &; Ldquo paper can't wrap fire &; Rdquo, as a last resort &; Ldquo to tell the truth &; The main reason for rdquo is that the relevant system is not perfect. Although the relevant system stipulates the punishment for illegal misappropriation of major shareholders of listed companies, the penalty clauses are rough, and it is difficult to grasp the scale when implementing, which creates an opportunity for violators, which is also the main reason for the repeated prohibition of illegal misappropriation of major shareholders.