Affiliated Transaction Of Non-legitimate Of Listing Company

Affiliated transactions is unavoidable during the development of capital market, it is neutral as one of transaction sorts. Affiliated transactions of legitimate can reduce transaction cost of companies ,and then it can increase efficiency of economic , Affiliated transactions of listing companies, however, it has completely exposed its disadvantage part in developing process of China securities market . Because of coming forth continually of affiliated transactions of non-legitimate in China listing companies,it has destroyed seriously the benefit of listing companies and most of shareholders and creditors, disrupted the market order ,affected the investors'confidence and hampered healthy development securities market of China. It has become a grate project that how to regulate its disadvantageous side, control affiliated transactions of non-legitimate, avoid the destroy of the minority shareholders, creditors and other stakeholders'interest caused by the controlling shareholders', especially listing company controlling shareholders'with their preponderant position through affiliated transactions of non-legitimate, maintain the legitimate and honest order of securities market transactions.The paper is divided into five big parts. The first part is the legal definition of affiliated transaction of non-legitimate of listing company. This part is including three parts, they are about concept of affiliated transaction of listing company and connected party of listing company, concept of affiliated transactions of non-legitimate in listing company. The second part is a discussion on the current situation of affiliated transactions of non-legitimate in our country and the necessity of legal regulations on affiliated transactions of non-legitimate in listing company. The third part is an analysis on current situation of the legal regulation of affiliated transactions of non-legitimate in our country. It is including two parts, one is the current situation and analyzing problem of regulations in the corporation law, another is the current situation and analyzing problems of regulations in the security law and other security regulations. The forth part is about the legislation current situation of the developed countries and area. The fifth part is discusses about perfecting legal regulations to the affiliated transactions of non-legitimate of listing company in our country. It proposed some thoughts and recommendations about improving and perfecting legal regulations to the affiliated transactions of non-legitimate of listing company.