Initial Analysis On The Legal Regulation Of Related Transaction Of Listed Company In Our Country

Related transaction is a form of common transaction behavior,and its occurrence has the intrinsic benefit actuation mechanism,the law cannot completely forbid it.The bad impression of related transaction is mainly due to the unfair part,which is harmful to others and society.Not all related transactions are unfair and also not all related transactions are useless.In a non fair transaction,the transaction behavior still has the superiority of high efficiency and low risk.The legal does not ignore those advantages,only for the pursuit of different legal values to make a negative or positive evaluation.Identifying the nature of the related transaction is helpful for us to design the control rules better and it's the premise of implementation on regulation of effective law and the true realization of fairness and justice.At present,there is a large number of interest groups in the form of group companies and parent subsidiary companies,this makes the high incidence of related transactions in listed companies.As the main body of the market has the motive to pursue the maximization of benefits,so the unfair transactions between listed companies and its related parties occur continuously,and show a clear trend of non association.How to protect the interests of minority shareholders and creditors by controlling this part of the transaction has become a difficult problem of legal control in our country's securities market.By combining the legal definition at home and abroad,the article theoretically analyzes the three legal concepts of related transaction,relation of relevance and related party,and puts forward the method of identifying related transactions based on relation of relevance,in order to accurately identify trading behavior when it is impossible to identify the related parties in accordance with the existing laws and regulations,and properly solve the problem caused by the lag of law of related party.At this stage,the prevention of the occurrence of non fair transaction can only rely on the mandatory legal supervision but not on the consciousness of trading person.Perfecting the supervision law is a systematic construction project,which not only needs to have a reasonable top-level design of legal system,but also needs scientific control measures to ensure the implementation of the law.In view of the intrinsic driving force of related transaction,improving the company's internal control mechanism is an effective measure or a key step to avoid the occurrence of unfair transactions,the audit committee system and the independent director system which need to focus on the law are the two most effective systems.In addition to the strict internal control,the law also needs to build an effective external supervision environment in order to play a preventive role by restraining the behavior of both parties through external pressure.The key to control the unfair related transactions in our country's listed companies is prevention,which makes the listed company and its related parties can not dare to implement unfair transactions,this is also the focus of our country's current legal control.However,prevention is only an ex ante measure,the present law of our country is too focused on prevention,but ignore the remedy for the victims of transactions,resulting in the value goal of fairness and justice can not be realized.Therefore,the corresponding judicial relief system and the specific implementation rules also need to be valued and perfected by law.