| Related transaction generally exist in China's securities market,and the use of appropriate affiliated transactions can save transaction costs and improve work efficiency,which helps to improve the enterprise value.At present,in the securities market of our country,with the popularity of related transactions,various problems appear,the listed companies' business operators and owners are different,the professional managers can use the authority to seek private interests,regardless of shareholders' abuse of affiliated transactions,to transfer enterprise assets and profits through improper means,which not only infringe the enterprise value,but also damage the trading environment of our capital market.This paper takes the gem listed companies as an example,first analyzes the status of related transactions of the gem listed companies,through the analysis,found that the incidence of related transactions in the manufacturing industry is at the top of all industries,and accounting for more than half of the total sample data;In addition,in the eight related transactions according to the accounting standards of enterprises,the related transactions of guarantee and mortgage are the highest and the highest in all kinds of related transactions.These data research also provides certain theoretical and practical significance for the study of the related transaction behavior in China in future.Secondly,starting from the theoretical basis,it analyzes how the scale and fairness of related transactions affect the enterprise value.Finally,with the empirical study on the data of the gem listed companies related transactions,the empirical results show that:(1)Large-scale affiliated transactions based on the special purpose have a significant negative impact on the enterprise value.The larger the incidence of the associated transactions,the greater the likelihood of the opportunism intention behind it,and the impact of large-scale internal transactions on the future earnings of the enterprise is negative,which is not conducive to the improvement of the enterprise performance level and management level,also is not conducive to the enterprise to improve the profits,improve the shareholders' income,more unfavorable to the future earnings of the enterprise.(2)the non-fair related transaction effected by the maneuverability of the maneuverability has a significant negative effect on the enterprise value.Non-fair correlation transaction is mainly due to the need of earnings management.controlling shareholders transfer the assets and profits of the enterprise.in order to cover up their improper behavior,the related transactions need to be masked,so the abnormal association transaction based on earnings management will damage the interests of the minority shareholders,infringe the income of other stakeholders,and not be conducive to the healthy growth of the enterprise.Based on the above conclusions,this paper draws the following policy recommendations:(1)To regulate the related transaction behavior,to regulate the related transaction behavior in class learning from the research data,can focus on the large scale industry related transactions and frequent large-scale occurrence of related transaction types;(2)Strengthen the internal control of enterprises,draw lessons from domestic and international experience,establish and improve the internal control system of enterprises,establish the internal control system of enterprises,and strictly enforce the internal control system,and strangle the unfair related transaction behavior in the cradle;(3)Strengthen the external supervision,improve the law of related transactions,reduce the loopholes and strengthen the strength of social audit,the CPA can in-depth enterprise internal investigation,can obtain the first-hand information of the enterprise,and its relationship with the participants of the enterprise,can judge the affiliated transaction behavior more fairly,and correctly disclose,can effectively monitor the internal transactions in the market. |
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