Research On The Information Disclosure System Of Listed Companies' Affiliated Transactions

Related party transactions refer to transactions that occur between a company enterprise and its related parties.The term related party transaction itself does not have any biased color.Therefore,the denial or even prohibition of one person not only does not conform to the law of development of things,but also cannot meet the requirements of social and economic development.Fair,legal and compliant related party transactions are conducive to saving transaction costs between enterprises,reducing investment risks and improving the overall competitiveness of enterprises.However,unfair affiliated transactions not only undermine social fairness,but also are not conducive to the healthy development of the economy to a certain extent.They can weaken the independence of enterprises and increase the risks in the securities market.Therefore,in order to regulate the harm of non-fair related party transactions to social and economic activities to the greatest extent,a related party transaction information disclosure system came into being.The disclosure system of related party transaction information originated in western capitalist countries,and it will inevitably face China's special national conditions when transplanted into my country.In my country,many listed companies are restructured from state-owned enterprises and have close ties with their parent companies.At the same time,due to the remnants of the traditional Chinese social patriarchal system,family-controlled listed companies are not uncommon,and they often appear in these listed companies.The intertwined relationship of interests and the black-box operation that comes from it.As far as the status of listed companies is concerned,they have relatively generous policy support compared with general companies.Therefore,some controlling shareholders often convey benefits to themselves through the special treatment enjoyed by listed companies.Once a listed company is used by controlling shareholders to conduct non-fair related transactions,it will destroy the principles of fairness,impartiality,and openness adhered to by the Chinese securities market,leading to the collapse of the securities market and severely undermining investor confidence.With the rapid economic development,non-fair related transactions are becoming more and more common in the daily transactions of listed companies in my country.Therefore,the regulation of non-fair related transactions is of great significance to the healthy development of my country's securities market.However,my country's related party transaction information disclosure system,as a preventive system,still has not played its due role effectively.There are various imperfections.In order to better play the role of related party transactions in promoting economic development and protect small and medium-sized enterprises.For the interests of shareholders and creditors and to make investors full of confidence in the securities market,we will conduct theoretical and empirical research on the information disclosure system of related party transactions,and put forward corresponding opinions and suggestions based on the experience of foreign legislation.Including improving the legislation,expanding the scope of information disclosure,improving the company's internal governance and strengthening the supervision of all aspects.