The Research On The Related Party Transaction Of Assets Restructuring Of The Listed Companies In Our Country

With the development of securities market in our country and the assets restructuring become increasingly frequent, the related party transaction of restructuring process is also widely in existence, and become one of the problems people concern most in the recent years. It is of distinguishing Chinese character as an action between the related parties, and has its necessity and rationality no matter through the macroeconomic angle or the microscopic enterprise group angle. However, because of various factors such as abnormality of the securities market and the imperfection of the corporate governance structure, the related restructuring has more non- market actions. Once it deviates from the fair deal norm in the market, its negative influence on securities market and most investors also is evident. Hence right analysis and evaluation of the related party transaction of restructuring is of great significance to the standardization securities market in our country.The paper starts from the implication and classification of the related party and its transaction, and analyze present situation and the feature of the related party transaction of restructuring with a large quantity diagrams and data. Secondly, probes into the cause and the effect through the deep step. On this basis, the related restructuring performance of the listed companies in our country at present is studied. The paper selects 10 financial indexes in continuous 4 years of the related restructuring companies listed in Shanghai in 2002 to establish a index system. Then, examines the change of synthetic scores of all the sample companies and the sample under different restructuring modes before and after the restructuring separately, adopting factor analysis means and specified examining technique, thus judging the effect on the listed companies performance of the related restructuring. Moreover, Combined with the sample company cases, the sustainability and the substantial substance of related restructuring performance isfurther evaluated. The result is that the related restructuring performances of sample companies are not good as a whole. It merely brings the short-term financial indexes improvements, and doesn't improve the operational performance of the companies. Related restructuring performance under different modes is quite different from each other. Finally, the reason why the related restructuring performance is not notable is analyzed, and the proposals to supervise and normalize the related party transaction of restructuring are put forward.