Identification And Legal Regulation Of Related Party Transactions Of Listed Companies

Related Party Transactions of listed companies refer to the transfer of resources,services or obligations between listed companies and their related parties,regardless of whether the price is charged or not.In short,transactions between listed companies and their related parties.Among the related parties of listed companies,there is a presupposition to reduce transaction costs,improve transaction efficiency,risk and fairness.However,in the current capital market field,the related party transactions give people a negative impression,such as listed companies using related party transactions to whitewash their financial situation,inflate profits,controlling shareholders using related party transactions to take advantage of the company's interests and damage small and medium-sized enterprises Shareholders' rights and interests,directors,senior managers,etc.take advantage of related party transactions to encroach on the interests of the company.So many people regard related party transactions as illegal transactions.In fact,related party transaction is essentially a kind of neutral enterprise economic behavior,but its effect is uncertain and may produce fair or unfair transaction effect.The identification and legal regulation of related party transactions of listed companies is to identify and prevent the unfair related party transactions,let the fair and mutually beneficial related party transactions play their due economic role,and do a good job in regulating the improper related party transactions in advance and afterwards.So,how to identify and regulate the related transactions of listed companies? The recognition of related party transactions of listed companies focuses on the understanding of related parties,related relationships,related party transactions and other basic concepts,and establishing the scope standard of related party transactions.The key point of legal regulation is to balance the relationship between efficiency and fairness of related party transactions.The related party transactions of listed companies have incomparable efficiency advantages,but they also have higher unfair risks.Unfair risk is an objective existence,so the regulation of related party transactions should focus on maintaining fair and legitimate rights and interests while taking into account efficiency,and the specific legal regulation measures should also take this as the starting point of system design.According to the purposes and ideas of the identification and legal regulation of related party transactions of listed companies,this paper mainly carries out the following four parts:The first part is the identification of related party transactions of listed companies.In this part,the definition and scope of related party,related relationship and related transaction are defined clearly.Secondly,it introduces the types of related transactions of listed companies,in order to take different supervision and regulation on different types of related transactions.Finally,the paper analyzes the advantages and disadvantages of the related transactions of listed companies,which should lead to the necessity of legal regulation.The second part is the legitimacy examination of related party transactions of listed companies.First of all,the paper introduces the procedure of the legitimacy of related transactions of listed companies,the regulation of entity examination and the situation of related transactions prohibited by law.Secondly,the paper analyzes the factors such as transaction price,transaction process and transaction result in the identification process.In the end,summing up the overseas experience of the legitimacy review of related transactions of listed companies,such as procedural review standards,business judgment rules review standards,entity justice review standards,and analyzes the enlightenment of the overseas experience on the legitimacy review of related transactions in China.The third part is the legal regulation of related transactions of listed companies.In this part,firstly,the legal system of regulating related party transactions of Listed Companies in our country is sorted out,and the system background of legal regulation is clarified.Secondly,the existing legal regulation measures of related party transactions of listed companies are described in detail according to the pre regulation measures and post relief measures.At last,the paper summarizes all aspects of legal regulation,and points out that there are still some problems in the current legal regulation of related party transactions of listed companies,such as inconsistent identification of related party and related party transactions,lack of legal regulation system,nonstandard internal governance and Procedural Regulation loopholes of related party transactions.The fourth part is the improvement of the legal regulation of related transactions of listed companies.First of all,this paper believes that the regulation of related transactions of listed companies should follow the principles of efficiency and fair balance,procedural justice and entity justice,and the principle of fiduciary duty.Secondly,in view of the above problems,the paper puts forward corresponding suggestions from four aspects: regulatory basis,regulatory premise,regulatory environment and regulatory measures.