Dissertation Submitted to
Hebei GEO University
for
The Master Degree of Business Administration
RESEARCH ON THE CAUSES AND COUNTERMEASURES
OF HOLLOWING ST FUREN BY CONTROLLING
SHAREHOLDERS
by
Name of NiuRuiXue
Supervisor: Prof. BuShuDuan
December 2021

摘 要
上市公司控股股东挖空行为是现代公司治理面临的巨大问题，控股股东挖空上市
公司的方式错综复杂，挖空行为屡禁不止。资金占用、关联交易、贷款担保等手段层
出不穷。证监会通过监管措施对债务担保等一些挖空手段进行明文禁止，但仍无法杜
绝挖空行为。控股股东挖空上市公司是资本市场的一颗“毒瘤”。挖空行为不仅损害
公司员工、外部投资者的利益，也损害了上市公司自身利益。导致拖欠员工薪酬，股
票价值缩水，严重时造成被挖空的上市公司破产、退市等后果，如果上市公司是国有
属性，更是损害了国家利益。同时，挖空行为扰乱我国资本市场的健康发展。
本文使用文献研究法与案例研究法相结合的方法，以代理理论、隧道行为理论、
“经济人”假设为指导，对控股股东挖空ST辅仁的案例进行分析。2019年辅仁药业
“分红爽约”事件震惊股票市场，经证监会立案调查，控股股东辅仁集团及关联方通
过非经营性资金占用和违规担保的手段挖空辅仁药业的内幕逐渐揭开。受此影响，辅
仁药业被实施风险警示,戴上了 ST 的帽子，变为 ST 辅仁。探究控股股东挖空行为的
原因，上市公司高度股权集中导致的控股股东一股独大、无视上市公司利益是主要内
部原因。控股股东主营业务性质、多元化经营的巨额资金需求，推动了挖空行为的产
生。会计师事务所审计失败，外部监管不完善是主要的外部原因。控股股东的挖空行
为，导致曾经的白马股变得千疮百孔，不仅股票分红的资金无法支付，正常经营需要
的现金持有量也出现严重不足，经营业绩下滑，债务逾期无力偿还，市值蒸发，破产
风险加大。ST辅仁案例中控股股东挖空行为手段恶劣，给上市公司带来严重的危害后
果，为有效防范挖空行为，本文总结了识别挖空行为的方法，并从股权结构、内部控
制、法律制度、企业制度、外部监督等方面提出六点对策，以期对相关各方投融资决
策、市场监管提供参考价值。
关键字：辅仁 挖空 控股股东
I

ABSTRACT
The tunneling behavior of controlling shareholders of listed companies is a huge
problem faced by modern corporate governance. The ways of controlling shareholders
tunneling listed companies are complex, and the tunneling behavior continues despite
repeated prohibitions. Capital occupation, related party transactions, loan guarantee and
other means emerge one after another. The CSRC expressly prohibits some hollowing out
means such as debt guarantee through regulatory measures, but it is still unable to eliminate
hollowing out. Controlling shareholders hollowing out listed companies is a "cancer" in the
capital market. Hollowing out not only damages the interests of employees and external
investors, but also damages the interests of listed companies. As a result, the salary of
employees is in arrears and the stock value shrinks. In serious cases, it will lead to the
bankruptcy and delisting of hollowed out listed companies. If the listed companies are
state-owned, it will damage the national interests. At the same time, hollowing out disturbs
the healthy development of China's capital market.
Using the combination of literature research method and case study method, this paper
analyzes the case of controlling shareholder hollowing out st Furen under the guidance of
agency theory, tunnel behavior theory and "economic man" hypothesis. In 2019, Furen
pharmaceutical's "dividend breach" shocked the stock market. After a case investigation by
the CSRC, the controlling shareholder Furen group and related parties gradually uncovered
the inside story of Furen Pharmaceutical by means of non operating fund occupation and
illegal guarantee. Affected by this, Furen pharmaceutical was implemented risk warning,
put on the hat of ST and became st Furen. Explore the reasons for the tunneling behavior of
controlling shareholders. The main internal reasons are that the controlling shareholders
dominate one share and ignore the interests of listed companies due to the high equity
concentration of listed companies. The nature of the controlling shareholder's main business
and the huge capital demand for diversified operation have promoted the emergence of
hollowing out. The audit failure of accounting firms and imperfect external supervision are
the main external reasons. The hollowing out behavior of the controlling shareholders has
led to the once white horse shares becoming riddled with holes. Not only can the funds for
stock dividends not be paid, but also the cash holdings required for normal operation are
seriously insufficient, the operating performance is declining, the debt is unable to be repaid
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