The Relations Between Affiliated Transaction And Corporate Value From The Perspective Of Equity Division Reform

The Affiliated Transaction has existed for a long time.The modern enterprise systems asks for creating the highly-separated ownership and manage right during the corporate government, under this background, the shareholders which represent the ownership and the supervisors carry on a endless gambling process, and present a prosperity prospects over and over. The affiliated transaction then to become the supervisors important method used for carrying on gambling with shareholders at this time, and along with the gambling contents appears varied affiliated transaction forms. In a word, the affiliated transaction has already become the most important factors that affect the company's health and managing safety.Regard to our country, the development of security market isn't perfect enough, the government of company isn't enough as will, and the affiliated transaction performs various kinds one after another. Although the administration bureau has pay more attention to the affiliated transaction in the market's initial stage, and successively promulgated a series of law like<The enterprise accounting criterion-the disclosure of affiliated transaction and its relation>,<The temporary accounting treatment state of Affiliated transaction selling assets etc.>, <The enterprise accounting criterion No.36th-affiliated transaction disclosure>, because the quoted company exist the inborn scarcity, the affiliated transactions still wide spread and hard to avoid.In 2005, the equity division reform draw the curtain slowly, pursues all of stock circulating has become the best choice that settle the quoted company's managing problem. Although the affiliated transaction form is varied, the essence is still the strong stockholders make use of its advantage and tunnel the small shareholders' equity, its source is still the inequality of shareholders station caused the shareholders oblige inequality. The station inequality causes the oblige inequality, then cause the mind of worth inequality, then generated the "selfish" behavior of strong stockholders. The reform of stock equity carry out an object that request equity all circulating, to some extent ease the antinomy of shareholders oblige inequality. This text is also writing under this background. Whether the change of shareholders station and oblige occurrence the impact on affiliated transaction, if, actually generate how of impact? Does this impact affect the quoted company? This is just the textual purpose.The affiliated transaction will effect the corporate management, and the corporate value is a important aspect weighs the quoted company's managing performance, usually subjected to various action factors, the affiliated transaction is just a kind among those. Because of the policy' special request, quoted company usually disclose various trade information in its bulletin, but the investors on the market and small shareholders can acquire this kind of information after announcement released, placed in a passive accept and subordinate situation in the station. In this case, investors and small shareholders only appraise and value the share of company to make an own select, and then effect the price of stock. Therefore, making clear the impact of affiliated transaction to the company has its necessary meaning.This text start from the affiliated transaction, elaborate affiliated relationship and its related notion, character and sorts. Using the data service center (http://www.gtarsc.com) carried on a sort statistic of affiliated transaction behavior in 2002-2009, analyze the present condition of affiliated transaction in our country, and parsed the inside motive and purpose of quoted company affiliated transaction continually multifarious occurrence.Secondly carried the equity division reform to a detailed introduces and research. Then conclusion that after the reform completion, the quantity of affiliated transaction doesn't decline but raise, this expresses that the quoted company lean the affiliated transactions more closely before the reform; because of the nation strength the security market more intensify, the affiliated transaction presented a new characters, the behavior performance more concealment.Then elaborate the corporate value, draw the comprehension from many scholars, initially get the origin standpoint adhered in this text. And emphasized to evaluate the corporate value methods, respectively analyze some important words and its computing method, and finally recognize the Tobin'Q value is the only standard to weigh corporate value in this text.Finally, this text make use of the medicine industry quoted company 2002-2009's panel data to carried on a substantial evidence inspection, mainly pay attention to the impact of the equity division reform to the affiliated transaction, and get the following conclusions, then propose some policy suggestions for the affiliated transaction, with expect the supervision to the affiliated transaction become more science, the management to the quoted company become more complete, the safeguard to the security market become more mature.1. The affiliated transaction in our country is increasing day by day, and the relationship between corporate value also raised, along with the quoted company's quantitative and the rival environment's worse, the corporate manager is try to use affiliated transaction to stabilize the management accomplishment of quoted company, so as to satisfy the investor's finance claim.2. Several searches think that the affiliated transaction injures the corporate value, but with the acknowledgement to the affiliated transaction, this text discovers that affiliated transaction not only the way of strong stockholders used to corrosion the small shareholders, but also an effective select that the interest group raise the common competition ability.3. The different type of affiliated transaction may inconsistent the impact of corporate value. The commodity affiliated transaction present a weak positive correlation to the corporate value, affiliated hypothecate present an apparent negative correlation to the corporate value. This explains that the investor like to recognize the affiliated transaction, but without acknowledge the way of provides hypothecate and blindly expand the whole group's risk.4. Equity division reform really raise the quoted company's managing efficiency, and strengthened the administration behavior clarity, this made security market more fast and accurate obtain the information about the quoted company management and provide more precise decision evidence for investors in the market.This text mainly obtains follow contributions. First, make a various statistic and analyze about the affiliated transaction, then put the research point particularly in two types (commodity trading and hypothecate).In particular, utilize the proportion between commodity trading in annual profit found that the affiliated transaction in corporate government is becoming more and more important.Secondly, the former research didn't take enough respect to hypothecates between affiliated groups. This text conclude that hypothecate trading will seriously effect the investors appraisal to the company, affiliated transaction between each others will enlarge the whole group's risk, and will finally cause the small shareholders'equity exploited serious.Third, many research successively select several beacons to weigh the corporate value, but the conclusion just get opposite. This text discards that way and puts the research center to the affiliated transaction sorts, explained the variable towards more meticulous, rather than persistently pursue the prove exercise.The end, until 2010, our country's equity division reform has already successfully finished. In this case, whether the reform obtains the expectative result should form a united conclusion. This text approval the research of affiliated transaction and corporate value, and get some initial conclusions, then consider the equity division reform for the chance from front to back, thus for unify the reform result provide an emollient instruction.This text also exists some scarcity. First, for commodity trading affiliated transaction, we adopt the net profit to define the explaining variable, this method is lack of theory basis. Secondly, the medicine industry contains special in its management, the researching cost occupy a very great ratio in total cost, but the researching fruit is probably an utility use, therefore the textual research conclusion still not enough to expand into whole industry. Third, the type of affiliated transaction exist various kinds, this text is one among those kinds, and therefore the evidence isn't certainly science.