Abstract Using the tunneling model of LLSV for reference, the authors develop a mathematical model to examine the inherent relationship among share ratio of the large shareholders, investor protection and tunneling behavior and make an empirical analysis on the basis of the affiliated transaction data of the private listed companies in Shanghai Securities Market from 2007 to 2009. The result shows that the relationship between the share ratio of the large shareholders and tunneling behavior presents a “U” shape curve and the tunneling behavior is more serious when there are controlling large shareholders|the improvement in legal environment can restrict tunneling behavior effectively but the restriction of credit on tunneling behavior is not obvious
ZHANG Hua-Hong,Zhang-Ren-Dun. Share Ratio of Large Shareholders, Investor Protection and Tunneling Behavior--Evidence from Private Listed Companies in Shanghai Securities Market. Economic Survey, 2011, 28(2): 076.
2011, Vol. 28 
