The Legal Regulation Of Listed Company's Connected Transaction

Connected transaction of the listed corporation is the transaction between the listed company and the affiliated party .If there is no effective supervision of law and system, the related party and the listed company often distort the transaction. With the development of security market, the number of the listed company is gradually increasing, so the problems of the unjust affiliated transaction is becoming serious day by day. However, whether the construction of system or the research of legal science, it is in the state of weakness now in our country .How to rule and manage the linked transaction, and how to look for a best balance point in the interests parties of connected transaction, which is the intention and purpose of tlus article. By collecting material, investigating and attentively considering in the past six months, this article shows you such a basic framework, I , The definition of the linked transaction of listed company and the reason to regulate it. This part introduces the definition of related party and linked transaction. Because the related party can control or influence the listed company, the linked transaction may damage the interests of the listed corporation and the whole shareholders. We should regulate and manage the linked transaction by law. II, The rules and regulations about the linked transaction of listed company in the developed countries and areas. The regulation is divided into four parts: strict examination of listing, rigid granted procedure, enough disclosure of information and rigid responsibility of law. The division of four parts is the standard, which we can use to assess the regulation of linked transaction in our country. 111 ,The actual investigation about connected transaction and amendment of legislation. This part is the focal point of this article, through actual investigation to the linked transaction and analysis of legislation; we can see the defect and shortness in the rules and regulations in our country. Such as the definition of related party, the granted procedure of connected transaction, the disclosure of information on the connected transaction, the responsibility of law for the unjust and unequal linked transaction. On the basis of theory and actual research, I draw lessons from the legislation of developed countries and areas; and I suggest how to perfect the legislation to the connected transaction of listed company in our country.