A Case Study of Wuliangye’s Related Party Transactions and Controlling Shareholders Tunneling
|Keywords||Wuliangye Related party transactions Major shareholders Transfer of benefits|
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 .