The Comparative Analysis On The Related Party Transaction Of Listed Company Between Chinese Mainland And Hongkong's Relevant Regulation

The related party transactions of listed company is one of the main ways that the controlling shareholders encroach on the interests of minority shareholders.It is also the main way of "hollowing out" listed company and damaging the interests of investors.Under the background of the fast development of the capital market in our country,how to supervise related party transactions of listed company is a major issue that we are facing up to.The Chinese supervision authority department has issued a series of laws ? regulations and executive orders for this purpose,but it is still very difficult to achieve their desired regulatory purposes.As the capital marketing center in Asia,even in all of the world,Hongkong has extensive experience in the legislation and practice of listed company's related party transactions supervision.Starting with the basic theory analysis of related party transactions of listed company,comparing the Chinese mainland's concept of related party transactions?the regulatory system and legal responsibilities with Hongkong's ones,and try to find out the experience we can learn from.This article consists of five parts:The first part is the basic theory of related party transactions of listed company,which mainly introduces the history of related party transactions(the history of global development and the history of Chinese one).the different academic views on whether listed company should carry out their related party transactions,the neutrality value?legal nature?and the relationship between related party transactions and corporate governance theory;The second part is about the definition of the related concepts in Chinese mainland and Hongkong,including the differences of cognizance on the related party between the two places,the different cognizance of related party transactions of listed company and the different fair value standard,compare the two sides in the related party transactions,especially to compare the deference of the definition on non-fair-related party transactions of listed company;The third part is the comparison between the laws of the two places on the regulatory system of related party transactions of listed company.Specifically,it is divided into four aspects to introduce and analyze.The first aspect is to analyze the reasonable regulation of related party transactions of listed company from the economic point of view;The second aspect is to introduce the regulatory system in Chinese mainland,including the regulatory model(principled regulation,regulatory regulation,typed regulation),the regulatory approach(price control,quantity control and mandatory information disclosure);the third aspect is to introduce the specific regulatory model and regulatory approach in Hongkong.The fourth is to compare the differences between the above two systems and put forward the relevant deficiencies in Chinese mainland.The fourth part is the comparison of related party transactions legal liability between the two places.Firstly,to introduce the way to dispose and remedy the related responsibilities in the mainland of our country.And then,to introduce the relief ways of the relevant legal responsibilities in Hongkong.Finally,to compare the Chinese mainland's legal responsibilities and legal remedies with Hongkong's ones,and provide the suggestions on how to perfect the mainland's system.