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Research on the Change of the Affiliated Transactions of Listed Company before and after the Split Share Structure Reform

Author: LiJiaLi
Tutor: ShuZuo
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Listed Company Affiliated transactions The split share structure reform
CLC: F276.6
Type: Master's thesis
Year: 2008
Downloads: 266
Quote: 1
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Abstract


More than two years’split share structure reform is coming to a close, and corporations taking the lead in implementing the company stock restructuring have continually relieved from the limited sale period. The institutional obstacle——split share structure which troubles our capital market for a long time, is expected to be radically resolved, and this marks that the listed companies enter a full circulation times from the split share-trading era.The full circulation era is coming. This new market environment will have an enormous influence on the affiliated transactions of listed companies. The new change of affiliated transactions is the focus of this article.The article is divided into five chapters:Chapter 1: Outlined the basic theory of affiliated transaction of listed companies.Chapter 2: The analysis for the background and current situation of affiliated transactions of listed companies.Chapter 3: Research for the split share structure reform and the listed company’s affiliated transactions. Including split share structure’s causes, disadvantages, the need and the implementation for reform. This segment focused on the positive changes and the negative changes of affiliated transactions of China’s listed companies after the split share structure reform.Chapter 4: Empirical Research on the change of the affiliated transactions of listed company before and after the split share structure reform.Chapter 5: Suggestion for standardizing the affiliated transaction after the share-trading period.The author believes that after the full circulation, the affiliated transactions in Chinese listed companies will enjoy positive changes in many aspects. Firstly, government will put more effort in monitoring through positive guidance of policies. Secondly, the shareholding structure will become more decentralized, and the nature of affiliated transactions will change. The Self-serving behavior of major shareholders on interest export affiliated transactions will be restrained. Thirdly, the negative impact of affiliated transactions on the market value of listed companies will become neutral, or even gradually become positive. Fourthly, the major shareholders’investment and the whole listing will reduce affiliated transactions. Fifthly, the problem of funds occupation of related parties will be more thoroughly resolved.There are some negative aspects of change after the split share structure reform is completed. Firstly, the listed corporations which continuously losses have a stronger motivation for interest export affiliated transactions. Secondly, in the limited sale period, it’s easier for major shareholders to get cash from affiliated transactions. Thirdly, the control on listed companies by major shareholders becomes dual control on both listed companies and the secondary market through affiliated transactions. Fourthly, internal control problems increased, main entities in affiliated transactions change, and high-level management come to the surface. Fifthly, disclosure of related information faces a greater challenge.This article collects latest data from 2004 to 2006 and analyzes the affiliated transactions of listed companies and funds occupation of related parties, including industrial distribution, the ultimate controller types, cash flow distribution, related-party control relationship, relationship between related parties and the listed company, as well as the content distribution of affiliated transactions. The final conclusion is: the split share structure reform achieved initial success in limitation of unfair affiliated transactions; industries in which affiliated transactions happen is very concentrated, both before and after the reform, and mostly of them occurred in the production and supply industry of manufacturing, electricity gas and water; cash flow changes from the interest-export to interest-import; the main participants of affiliated transactions change from the original single parent group companies to multi-agent; affiliated transactions between listed companies and corporations which are‘joint operated’,‘joint venture’,‘other companies direct controlled by the major investors, key management or their family members’are increasing year by year; in the content of affiliated transactions, "related purchase and sale" is absolutely in the dominant position whether before or after the reform.‘Security and mortgages’significantly decrease in the year of split share structure reform and maintained a relatively low level in the year after. The split share structure reform also achieves initial success in outstanding loans and lifting security.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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