The Analysis of Regulatory System in the Unfair Related Transactions of Listed Companies
|School||Shanxi University of Finance|
|Keywords||related-party transaction control The profit maximizationregulator|
With thedevelopment of securities market andtheexpansion ofenterprisescale,theaffiliated party transactions has become an importantpart ofeconomic behavioroflistedcompanies.And thiskind ofdeal seems to havebeen inevitable.Theoretically,related party transactions isa neutral concept, but with thedevelopment of practice, theuseofit isa double-edged sword: unfair related party transactions is advantageous totheformation ofscale operation, to enhance therisk resistance, to lower transactioncosts and capital opportunitycost, to improvetheoperational efficiency ofthe company.Theunfair related transactionsprovide conditions forcontrolling shareholders to seekpersonal gain andmanipulatethesecurities market, then damage theinterests ofmediumand smallshareholders and corporate creditors, then influence theorder ofthecapital market and harm securities market healthy development.At present, ourcountryisin astage ofthedevelopment ofmarket economy,which capital market has not yetfullydeveloped, and thelegal system is gradually perfect. Most ofthelisted company ofourcountry grew out ofstate-owned enterprise, namely "The subject listing, theoriginalenterprise transformation fortheparent company" model. Moreover combined withChina’s state-owned enterprises "a dominant" equitystructure, all ofthose providetheridging of unfair related party transactions.With moreand moretheunfair relatedtransactions and regulatory issues,theproblem ofunfair related transactionsof listedcompanies has becomethefocus ofattention.This paper adopts empirical analysis, case analysis and normative analysis andother methods, then introduce the overview of unfair related party transactions, origin,characteristics. By the analysis of existing problems in the unfair related transactions oflisted companies in our country to reveal the defects of unfair related transactionsregulatory system and the necessity of supervision of the unfair related transactions.Finally the author puts forward relevant suggestions for the construction of theregulatory system, that establish fiduciary duty as the rules and principles, developtyped regulation mode and strengthen the supervision of the judicial. By three ways canregulateunfair related party transactions andbalance theinterests ofall stakeholders.