Research On Unfair Related Party Transactions Of Chinese Listed Companies

Related party transactions of listed companies is a common phenomenon in the world stock market, which have positive surface. However the unfair related party transactions manipulate earnings by unfair price to meet the unreasonable motivations. These transactions break the open, fair and just rules in securities market, infringe on benefits from minority shareholders and reduce the qualities of listed companies. China's corporate governance structure problems, weak supervision and other factors are all conductive to the unfair related party transactions. So it's significance to study the unfair related party transactions in our countries'listed companies and promote countermeasures.The thesis starts with analyzing in theory, by analyzing the basic theoretical issues of listed companies'unfair related party transactions, using of economics theory to explain the causes of unfair related party transactions. The article analyses that we should positively build corporate interior governing mechanism conditions favorable for large shareholders to exert governance, and we should consummate the investor protection mechanism in the Chinese stock market as soon as possible. The author hopes the conclusions of this article can provide some insights for listed companies to establish scientific and perfect decision-making mechanism on related transactions, and for relevant departments to make policy ruling related transactions, and for protecting the benefits of small and medium investors. The article makes the relationship between related party transactions and corporation governance mechanism as its main research line.The first part of this paper describes the issues and the method we need research,which provides theoretical groundwork for the next study. The second part describes some related theories. In this chapter were defined and classified unfair related party transactions first, and then make the interpretation of economic theory, which makes the theoretical groundwork and premise for analysis that the major shareholders using unfair related party transactions to seize the benefits. PartⅢand part IV study the measure and the impact factors of unfair related party transactions by empirical research. Part V proposed some relevant policy recommendations based on the relevant theoretical and empirical analysis before. And the last part is conclusion and outlook.