Shanghai A Shares Of The Major Related Sales Matters Announcement Market Reaction To The Empirical Study

The problem of related party transactions is one focus of the development of China' s stock market. Chinese listed companies' related party transactions are quite common and the amount is huge, in which a lot of unfair related party transactions exist. China' s corporate governance structure, economic institutions and weak legal system are conducive to the related party dealings. A lot of unfair related party transactions distort the resource allocation function of the capital market and mislead the investors. In this paper, we mainly have a research on Chinese listed companies' announcement effects about greatness distribution item of related party transactions.Firstly, we have a brief introduction about China' s related party transactions condition, which points out the role of the distribution item of related party transactions, then we review the others research about related party transactions.Secondly, . we analyse the unfair distribution item of related party transactions in theory from its motives, ways and causes.Thirdly, we analyse the distribution item of related party transactions from single sample, gross sample, different trading size, different shareholding concentration, different shareholder indentity. At last, we use a multiple linear regression model to confirm the above results in controlling unexpected surplus factor, size factor, and capital occupancied by related party factor, etc.Next, we analyse the problem about the China' s related party transactions. According to the above, we point out several suggests to deal with those problems.At the end of this paper, we list our research results, and explain some research shortages.