Research On The Protection Of The Minority Shareholders' Rights And Interests In The Unfair Affiliated Transaction

As an effective way to save transaction costs, to improve the market survival ability of the enterprise and to optimize the allocation of resources, the affiliated transaction plays a very important role in the enterprise's management. In recent years, with the continuous development of China's economy, more and more enterprise groups and listed companies emerge. The affiliated transactions within members of enterprise groups happen more and more frequent, so as to save the transaction costs and to improve the market competition ability of internal bodies of the enterprise group with respect to the external bodies. The affiliated transaction has a positive effect on the economic operation, but the concealment of the connected transaction makes it easy to evade supervision of laws and market and then becomes unfair affiliated transaction. As the interests of various bodies of the affiliated transaction are wide, the unfair affiliated transactions have huge influences on the society. So it is quite necessary to perfect the legal regulation of affiliated transaction.This paper stands in the perspective of protecting the rights and interests of minority shareholders in the unfair affiliated transaction. It analyzes the causes and harm of unfair affiliated. Then the paper discusses about the connected transaction's effects on minority shareholders and what the problems of China's laws and regulations against unfair connected transactions are. At last, the paper puts forward some legislation suggestions to regulate unfair connected transactions and to protect the legitimate rights and interests of minority shareholders. Hope to make little contribution to improve China's legislative system of the affiliated transaction.