Empirical Research On The Effect Of Affiliated Transactions On Financial Crises Based On The Chinese Listed Companies

To analyze the influence of affiliated transactions of listed companies on financial distress from theoretical and empirical aspects, scientifically, roundly and systemically, an important research field in the academic and practical world--financial distress from affiliated transactions of listed companies is studied in this paper, putting forward policy suggestions considering the truth of China and successful overseas experience.From the theory of corporation finance and governance, firstly, we studied the affiliated transactions of listed companies in domestic and international, concluding that (1) the character of transactions of listed companies. (2) the success and lessons of affiliated transactions regulation of overseas listed companies. (3) the insufficiency of affiliated transactions regulation in domestic. Secondly, to provide foundation for empirical research, we analyze the influence of affiliated transactions of listed companies on financial distress. Thirdly, based on the data selected from financial reports of listed companies and adjusted according to affiliated transactions in China, we construct the model of financial distress of listed companies applying multi-statistic analysis and econometric and examine the forecasting ability between the original model and adjusted using statistic analysis, to inspect the influence of affiliated transactions of listed companies on financial distress.At last, with the above conclusions of theoretical and empirical analyses, we give the following policy recommendations from institution, regulations and operation manner, improving laws to protect the interests of small shareholders, improving the supervision indexes system on listed companies, establishing information disclosure mechanism, constructing rational and sanity frame of companies'supervision.