【摘要】Using the data of the abstracts of asset valuation reports disclosed during 2001 and 2002 by the listed companies of Shanghai Stock Exchange,this paper investigates the relationship between the tunneling motivation of large shareholder and the bias of asset valuation.Our result shows that,when the listed companies receive the asset to be valuated,the value increase rate of asset valuation is significantly higher in the transaction with large shareholder than it in the transaction with other parties,implying that the tunneling behavior of large shareholder through manipulating the asset valuation is prevalent.