Research On The Influence Of Listed Company Governance Structure On Non-fair Related Party Transactions

Along with the continuous development of economy and securities market, as a special way to trade,the affiliated party transactions catch more attention of the listed company.Under normal circumstances, to carry on the related party transactions of listed companies can optimize internal resources, saving transaction costs, however, most of the affiliated party transactions of listed companies is the internal price, both of the companies set the price through the internal consultation just for their benefit demand instead of the market fair price,which is obviously violates the principle of the equality of the equity market. And then the transactions make imaginary profits, transfer company assets, and damage the interests of minority shareholders, which is harmful to the healthy development of listed companies and will badly affect the healthy development of securities market. The affiliated party transactions is that, in order to achieve their own interests, avoid the supervision of the board directors, the controlling shareholders will collusion with the managers to damage the interests of minority shareholders. therefore, studying on the influence of the governance structure to the affiliated party transactions is very necessary.The article through empirical study and analyzing the influence of each factor of governance structure of listed companies to the related party transactions, from the perspective of governance structure to find countermeasures to standardize the affiliated party transactions. Based on the annual report data of stock exchange main board A-share, with the affiliated party transactions scale as the research be explained variable, corporate governance structure of ownership concentration and equity balance degree, pay the board size,independent directors and board of supervisors scale, chairman and general manager the joining together of two position, management equity factors as explanatory variables of study,using SPSS18.0 to make a statistical analysis on the sample data, it is concluded that the influence of various factors of corporate governance structure to the related party transactions:between ownership concentration and the affiliated party transactions,they has a significant positive correlation; Equity balance degree has significant negative correlation relationship with related party transactions; There is a negative correlation between the board scale and the affiliated party transactions; There is a negative correlation relationship between related party transactions and the size of the board of supervisors; The joining together of two positionwere significantly positive correlation with the related party transactions; Management ownership and related party transactions has a significant negative correlation relationship,and we analyzes the real reasons of these conclusions. Finally,according to the empirical research of these conclusions, targeted put forward some Suggestions of related party transactions from the perspective of governance structure.Including improve the ownership structure, perfect the incentive mechanism of independent directors, appropriate to expand the number of the board of supervisors, play the role of management.