Enterprise Groups Associated With The Trading Behavior Of Legal Regulation

The frequency of connected transaction is the inevitable consequence of the speedy development of enterprise group. In the view of economics analysis, connected transaction has natural rationality, which is easy to be distorted by the catastrophic swelling of motivation of chasing benefit. However, the special relation between the subjects of connected transaction creates a special transactional environment for such swelling. So connected transaction has both advantages and disadvantages. On one hand, it's beneficial to optimize enterprise groups' resource allocation, save transaction costs, and increase operation efficiency. On the other hand, such transaction includes a tendency of torts, and its recessive unfairness will also become visible. Once one subject of connected transaction infringe the benefit of other side by using its control force and influence effect, the balance of market players will be broken, and normal market order will be destroyed. Then, if we want to control it by law, we should not only think highly of guiding in advance, but also strengthen external restraints and post-sanction.In foreign countries the legal regulation of connected transaction has achieved a lot in theory and judicial practice, which enlighten China's current company law. Benefited from foreign achievement and historical experience, our company law has provided us a basic legal framework and become the most important part of China's connected transactional conduct legislations, because it defines the scope of transactional subject, guides transactional conduct positively, and punishes unfair conduct of torts. Though the theoretical research reflects the idea of market players' independence and pursuit of fairness and justice, by paying more attention on protecting the benefit of minority shareholders and creditors, it has apparent defect because people have done quite little even no research on the great consequence which connected transaction will do on the public interest of a country and society. Such current situation is adverse to healthy development of enterprise group and connected transaction being conducted normally. And in the view of legislation and judicature, company law can do nothing when connected transaction invades public interest because it doesn't stress company's social...