Problems In The Disclosure Of Related Transactions Of Listed Companies In China And The Countermeasures

Due to economic self-interest motive, internal governance mechanism of listed companies is not reasonable, of the relevant laws and regulations, and financial information demand caused by lack of main body of the prevalence and spread of unfair related party transactions, lead to the problem of enterprise operating performance more financial report, the breach of the securities market and stable operation. True of associated transactions, open, full and fair disclosure will not only help improve the quality of financial information, to protect the economic interests of the small and medium-sized investors, creditors, but also to build a fair and transparent securities market, ensure the efficient operation of capital market and the reasonable arrangement of the resource. However, related party transactions disclosure regulations in our country has many loopholes, inadequate disclosure, not real, not in time has become a widespread phenomenon of listed company.Based on the code method is given priority to, in the reference and comprehensive foreign related party transactions disclosure guidelines and, on the basis of predecessors’ research results, from defining the relevant concepts, the disclosure of normative analysis and the principles and contents of disclosure, by using the method of statistical research on China’s listed companies 2012 ~ 2013 make a overall analysis and related party transactions disclosure status of related party relationships and pricing policies and make a detailed study, found that basically has the following four problems in violation of the rules: 1. The scope of related party disclosure not comprehensive; 2. The elements of related party transactions that the incomplete comparability poor; 3. The enterprise not enough published on related transactions real is chaos; 4. Related party transactions disclosure not in time.In my opinion cause the reason of these problems generally includes the following several aspects: 1. The listed company internal governance system imbalance, including equity structure imbalance in related party transactions disclosure is not transparent, and the internal control mechanism is imperfect and the supervision of large shareholders role cannot be effectively; 2. Disclosure caused the government deregulation is not timely, related party transactions rating system effectiveness is poorer failed to clear the definition of each level standard, and there are many loopholes that laws and regulations and incomplete disclosure. 3. The social audit on fair play a supervision role of the related party transactions, and the asset appraisal institution to supervise the rationality of pricing policy.For improving the quality of the connection transaction disclosed, the author thinks that should make efforts in the following respects: 1. Set up good company internal governance system, should first establish complete checks and balances system of large shareholders, secondly it is necessary to strengthen the independence of the independent directors and board of supervisors; 2. First of all, should strengthen the supervision of related party transactions disclosure to ensure that the phenomenon of illegal quickly and efficiently investigate and find out there is also to establish risk early warning system for prevention, secondly it is necessary for a more detailed disclosure requirements and shareholder vote to exclude right system should be brought into the law, to ensure the fairness of the related party transactions and disclosure transparency;(3) strengthen the supervision of intermediary structure, first of all, establish a credit system can improve the level of integrity of external audit workers, secondly shall guarantee the connection transaction independent audit, to ensure the integrity of the financial report signed by, there are also necessary to strengthen the industry regulation and punishment measures to improve the illegal cost.