Research On Problems And Countermeasures Of Underground Transaction

Today In the process of global economic integration is accelerating. Thedevelopment of the capital market plays a more and more important role on a country’seconomic growth. This study shows that a large number of investors, especially thesmall and medium investors are the foundation for the long-term healthy developmentof the capital market. This behavior not only affects the stability of financial markets,but also may have an indirect influence on economic entity. In recent years, the pace ofdevelopment of China’s capital market and the stock market continues to accelerate, butthere are still a lot of uncertainty in the back of the rapid development, related partytransactions of the listing Corporation is one of them. Related party transactions motiveis to reduce transaction costs through internal transactions, increase the developmentstrength of listing Corporation. However, because of the effects of internal corporategovernance effect is poor, the unreasonable ownership structure, external supervision,business environment and other factors, the control of the loopholes in the relatedtransactions, as part of the listing Corporation shareholders tunneling related partytransactions by listing corporation assets provides convenient ways. Large shareholdersexpropriation is the actual holding tunneling related party transactions essentially on theinterests of small shareholders, this behavior will not only lead to the loss ofstate-owned assets and the damage to the interests of small shareholders, but also maylead to capital market turmoil. Therefore, influence factors, research reasons, tunnelingrelated party transactions economic consequences and countermeasures, to standardizethe related party transactions of listing corporation, capital market stability, safeguardthe interests of small shareholders, plays an important role and significance.This paper is divided into six parts, make preliminary summary and overview ofthe first part of the full text of the research background and significance, the domesticand foreign research results and other issues; the second part will discuss the theoretical basis for related party transactions and tunneling related party transactions from theperspective of institutional economics, a detailed analysis based on the assumption thatpeople, the new system economics behavior system influence and the ownership andcontrol theory of the tunneling related party transactions causes; the third part mainlydiscusses the tunneling related party transactions in the main form of our country, andaffect the behavior of the internal and external factors; the fourth part mainly discussesthe tunneling related party transaction behavior consequence; the fifth part discusseshow to regulate the tunneling related party transactions; the sixth part probes into theGreen Sheng pharmaceutical case, analysis of the evidence before.