控股股东利用对上市公司的控制权,通过关联交易、资金占用、资产置换等手段掏空上市公司,获取私有收益的案例层出不穷。本文通过对飞天系资本运营过程的描述分析和特点归纳,揭示其对上市公司和中小股东价值的影响,并在此基础上对我国证券市场的健康发展提出建议。 The use of controlling shareholders of listed companies to control listed companies through related party transactions, capital occupation, asset replacement and other means of hollowing out listed companies, access to private income case after another. Based on the descriptive analysis and characteristics of the capital operation of the flying system, this paper reveals its impact on the value of listed companies and minority shareholders, and on this basis, puts forward suggestions on the healthy development of China’s securities market.