New Institutional Economics Perspective Transaction Information Associated With Listed Companies Under The Disclosure System

Related-party transactions of listed companies is very common. Related-party transactions is not fair to undermine the interests of investors. Among the many related party transactions to curb unjust system, the information disclosure system at the core. At present, China's Securities Market listed companies to disclose transaction information associated with a host of problems, an endless stream of listed companies to disclose related-party transactions illegal behavior has shaken the confidence of investors and seriously affected the stock market order. Therefore, a thorough analysis of this issue and give specific responses has important practical significance.In this paper, the perspective of new institutional economics to analyze the transaction information associated with a listed company disclosure system. Adopting this perspective is feasible. On the one hand the new institutional economics to the theory of a complete system as the core and creativity to the system as a starting point for a profound insight into the real world; the other hand, information disclosure of listed companies related trade system is a major stock market rules, belong to New Institutional Economics research areas.Introduction section describes the generation of the new institutional economics history and academic value, to highlight the concerns of the new institutional economics the real world, using a system analysis real world to solve practical problems with the system of academic quality, right to use the new system later in Economics the basic theory of transaction information associated with a listed company disclosure system played a role in the guidelines.Introduction, this article is divided into three parts.The first part is the system theory of New Institutional Economics. Mainly introduces the new institutional economics institutional theory and institutional framework. These theories and frameworks associated with transaction information with the listed company disclosure system is closely related to connected transactions of listed companies to provide theoretical support for the information disclosure system. First introduces the basic assumptions of New Institutional Economics: Economic Man assumptions, incomplete information assumptions, bounded rationality assumptions and opportunism hypothesis. The four new institutional economics theory assumption is the starting point, none of the four assumptions can not start new institutional economics can not be distinguished from other schools. The four assumptions permeate the text with the new system in the post-economic theory of listed companies to disclose transaction information associated with the system analysis. Four kinds of assumptions, this article describes the system of meaning, structure and theory of institutional change. In this paper, the definition of North on the system, that system is to determine the relationship between the people there are binding constraints. New institutional economics institutional structure to go through a systematic analysis and interpretation of practical issues, new institutional economics the system is divided into the formal system, informal system, as well as the implementation of both features. This paper analyzes the structure of this system is also a listed company transaction information associated with the disclosure regime theoretical framework. Institutional Change Theory is the observation of the system from a dynamic point of view, describing the system of production, development and change process in the economy during the transition period for China's securities market has a profound learning significance, is a listed company related trade information disclosure system theoretical background.The second part is a listed company information disclosure system related trade theory. First of all, this section describes the definition of related party transactions, related party transactions according to different criteria to be classified, with new institutional economics of the four basic assumptions of the analysis of related party transactions; with the theoretical analysis of institutional change in China's securities market changes, pointing out that correlation Trading in our common stock has a profound historical background and institutional context. The information disclosure system and then describes the origins, development and significance, pointing out that the information disclosure system of listed companies on the regulatory role of related-party transactions is not fair. With the institutional structure of the new institutional economics framework of analysis of information disclosure system of listed companies of China's constitution, that a listed company to disclose transaction information associated with the official rules, a listed company to disclose transaction information associated with the informal rules and information disclosure of listed companies associated with the implementation of mechanisms for dealing . Finally the transaction information associated with listed companies, disclosure of the status quo and new institutional economics point of view with the analysis of non-compliance of listed companies to disclose related-party transactions is the source of frequent trading of listed companies associated with the formal rules of imperfect information disclosure of listed companies to disclose transaction information associated with the informal missing rules, a listed company to disclose transaction information associated with the implementation of the mechanism is not sound.The third part is a connected transaction information disclosure system of the building. Transaction information associated with listed companies to disclose the official rules, a listed company to disclose transaction information associated with the informal rules and transaction information associated with listed companies, disclosure of deficiencies in the implementation of mechanisms for three levels of response and suggestions are given respectively. First, in the listed company transaction information associated with the formal rules of disclosure related-party transactions proposed to improve the information disclosure system at the legislative level of the recommendations on the listed company to disclose transaction information associated with the formal rules to sort out, right in practice a vague understanding of key concepts to be defined. Pointed out that listed companies to disclose transaction information associated with the formal rules to listed companies, mandatory disclosure rules related-party transactions as the main body of listed companies while strengthening the voluntary disclosure of related-party transactions rules of construction, and proposed related-party transactions of listed companies should pay attention to the mandatory disclosure of information the principle of proportionality to ensure that listed companies to disclose transaction information associated with the formal rules of scientific and feasibility. Second, related-party transactions in the listed company information disclosure rules proposed by the informal securities market awareness of the cultivation of good faith for the related-party transactions of listed companies have an important role in the information disclosure system, and from strengthening the ethical culture in business to raise awareness and improve the integrity of enterprise managers intermediaries the integrity of the sense of giving advice in three contexts. The monitoring mechanism, proposed by drawing on sophisticated securities market regulatory experience, improve China's listed company information disclosure regulation of related party transactions; in violation of listed companies to disclose related party transactions punishment mechanism, from the legal punishment and reputation of the two aspects of punishment to be improved the establishment of civil liability, administrative liability and criminal liability of the interaction of the system, including penalties system, and credit records of listed companies through the establishment of mechanisms and credit rating mechanisms for non-compliance of listed companies to disclose related party transactions to give warning and penalties.