Debt Financing and Big Shareholders' Tunneling Behavior ——Based on Data Analysis of Chinese Private Listed Firms between 2009-2013

In order to learn about the relationship between debt financing and tunneling of private listed companies, Using the data of different levels of debt and the different types of debt in private listed companies from 2009 to 2013 as the panel data, an empirical study is done of the correlation between debt financing and big shareholders' tunneling behavior. The study finds that commercial credit and bank loan can exert a constraining effect on the tunneling behavior of big shareholders. Therefore, private listed companies should attach due importance to the governing function of debt financing and maintain a temperate asset-liability ratio; banks and commercial credit bodies should bring the governing function into full play in the process of stopping the tunneling acts of big shareholders.