Study On The Relationship Between Related Party Transaction And Internal Corporate Government、Corporate Performance

At present, our capital market is not mature, irregularities such as market manipulation, insider trading, connected transaction are still widespread,among these illegal operations, bigger shareholders using related party transactions is particularly prominent. China’s listed companies generally have group background, equity structure imbalance, the controlling shareholder use related party transactions for control-right benefits. Considering the secondry agency problem, the objective inconsistency which between bigger shareholders managers and small and medium-sized shareholders will make the agency problem more complicated. Despite the achievements of the reform of non-tradable shares significantly, but due to the existence of the pyramid shareholding structure, the separation rights between control and cash flow still lead to the occurrence of RPT. In addition to change the imbalanced equity structure, must also change organizational structure of the listed company, limit pyramid shareholding structure in order to improve corporate governance efficiency,good corporate governance mechanism can effectively restrain the bigger shareholders occupy behavior. In order to standardize the operation of capital market, and promote the stability and prosperity of the securities market, protecting the interests of small and medium-sized investors, a comprehensive regulation of RPT is needed,which requires research the formation and governance mechanism of RPT in listed companies.Now. domestic research of RPT mainly from the single level.Literature which from the angle of internal governance mechanism systematical demonstrated the influence factors of the RPT and the relationship between the RPT and corporate performance is less.With the completion of reform of non-tradable shares,the ownership structure, transaction behavior, control type have been changed,which will inevitably lead to the shift of perspective of RPT. This paper use norms and empirical research methods,do research of the system background, formation mechanism of the RPT. Combination of non-tradable share reform, put forward the corresponding policy suggestions,which will make great practical significance to standard management of listed companies, optimizing corporate governance structure and promote healthy development of the capital market.Based on the "internal governance mechanism--RPT--company performance" as the framework, in reference to domestic and foreign outstanding research results in the foundation, combined with present situation of our country company.this paper research the controlling shareholders use RPT for benefit expropriation to "tunneling"" supporting" listed companies.This paper use relationship between RPT and corporate governance variables as the main line,do empirical research about influence factors of RPT and the influence to corporate performance. This paper includes the following five parts:The first part, introduction. Put forward the research background, theoretical significance and realistic significance, research content and framework, research ideas and methods, the definition of the related concepts, innovation of this article, provides analysis premise and theory foreshadowing for the study behind.The second part, literature review. Do relevant reviews of the corporate governance theory, from three aspects as RPT and earnings management, RPT and benefit transfer, RPT and corporate governance mechanism,do review and evaluate of the literature.The third part, elaborate the he general situation and the formation mechanism of RPT in Chinese listed companies. Systemic discusses the background, formation mechanism of RPT,providing theoretical support for the empirical analysis.The fourth part, empirical research the correlation between corporate internal management mechanism and RPT.Collect related data about company research variables, establish RPT influencing factors model and company performance influence model.make description and empirical analysis about corporate governance variables influence RPT and RPT influence the final performance.The fifth part, policy suggestions. According to the empirical study conclusion,put forward countermeasures to improve the listed company’s internal governance mechanism.The innovation of this paper mainly include:First, based on the "Internal Governance Mechanism--RPT--Corporate Performance" as the framework. Use norm and empirical methods systematically research the relationship between the three.Second, based on2009-2011when RPT of the listed companies as research samples, the sample number is2644, this large sample choice makes the results more representative.Third, use capital taken up degree of positive or negative value as a critical point, divide RPT into two types, use the value of fund net taken up with the company assets ratio as RPT’s indicator, grouping regression analysis. Choose ROE in the different interval as control variable verify the above critical point division.Four, research corporate governance variables influence two types of RPT.Take ROE, ROA, tobin Q, ROIC four indicators as corporate performance index, from different perspectives analysis how RPT influence corporate performance.