Dissertation
Dissertation > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market

A Case Study of Wuliangye’s Related Party Transactions and Controlling Shareholders Tunneling

Author JiangWenJuan
Tutor LiuHaiYing
School Shandong University
Course Business Administration
Keywords Wuliangye Related party transactions Major shareholders Transfer of benefits
CLC F832.51
Type Master's thesis
Year 2010
Downloads 586
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With the improvement of the level of consumption , the rapid development of China 's liquor industry . In recent years, the industry has entered a new stage of development . The high-end market continues to rise , Sichuan Yibin, Luzhou, Sichuan wine plate , Guizhou Maotai Town, as the representative of Qian wine sector and other plates . Wuliangye company 's growth as the liquor industry leading high-end market , has witnessed the rapid development of China 's liquor industry . The late 1980s , early 90s , Wuliangye through price , quality simultaneously enhancing the win to keep pace with the Maotai position . In recent years, the union, through the local brand and further lay position in the industry . Wuliangye Group , namely the the Wuliangye actual controlling shareholder , in the six years from 1998 to 2003 time , away from the hands of the listed companies over 9.7 billion in cash , while the the Wuliangye small shareholders over the same period the cumulative market excess returns are far lower than the industry competitors, or even negative . In our country , the vast majority of listed companies are set up by the restructuring , the issue of new shares , listed steps . Restructuring process , the original enterprise was changed to the Enterprise Group . Meanwhile, out of the best assets in the Group initiated the establishment of the listed companies . Listed of Wuliangye shares of the company is a typical representative of this type , all of these are the Wuliangye listed companies in the future related party transactions and transfer of benefits to opening a culvert . The paper first reviews the background of the Wuliangye transactions of public companies , major shareholders conveying research , study theoretical and practical significance , research methods, content and framework , and propose innovative point of the article . The analysis below shows the institutional background of our related party transactions since 1997 . From Wuliangye listed mode , ownership structure , corporate governance and external regulatory level of analysis in this case study . Summarizes the main conclusions of the study based on the analysis of the limitations of the article , and China's securities market related party transactions disclosure rules to make policy recommendations and outlook .

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