The Related Transactions Of The Listed Companies And Legal Provisions

The related transactions of the listed companies of our country increased quickly year by year. It likes a double-edged sword, on the one side it can cut down the transaction cost and raise the whole competition ability of the enterprises, on the other side, the unjust related transactions have caused a good deal of troubles. We should have a correct attitude on this: we can't let it alone because of the positive function, we can't forbid it absolutely because of the negative functions also. We should give related transactions suitable legal provisions, to establish reasonable equilibrium machine-processed between it's positive functions and it's negative functions, to lead it into correct track. But the law efficiency gradation restricting related transactions is low, the sanction is not strong, the scope to adjust is limited.On the basis of investigating and analyzing the present situation and effect of listed companies related transactions in our country, this article discusses the general theory about legal provisions of related transactions, and brings up policies ideas about amending company law and negotiable securities law of our country. I hope these will be a benefit to establish systematic legal system on related transactions.In view of the thought upward, this article separates into four chapters to proceed discussing.The first chapter is a summary about related transactions of the listed companies, defines the connotation and the extension of related people and related transactions, expounds systematically the legal characteristics of related transactions, and reaches a conclusion that the related transactions have advantages and disadvantages two natures through economic analysis to the related transactions.The second chapter is a demonstration investigation about the related transactions of the listed companies, goes deeply into analyzing the present situation, actions, intention and the harrnfulness of the unjust related transactions.The third chapter discusses the general theory about legal provisions of relatedtransactions and the present situation of legislation in our country. Firstly, through the analysis of the second chapter, reaches a conclusion that giving 1he legal provisions to the related transactions possess essentialities and necessities; Next, discusses deeply the meanings of nomocracy and the legislation principles about legal provisions of related transactions; Finally, analyzes the present situation of legislation about the related transactions, points out the defects and the shortcomings.The forth chapter brings up the legal suggestions restricting the related transactions of the listed companies in our country. First is the restriction of company law about the related transactions, brings up policies ideas about amending company law through drawing lessons from legislation experience of the Western countries. Next is the restriction of negotiable securities law about the related transactions, brings up policies ideas about amending negotiable securities law. Finally, brings up to coordinate the conflict in the law items, and to strengthen the connection of the legal rules.