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An Study on the Influence of Corporate Governance Structure of Chinese Listed Companies to Non-Fair Related Party Transactions

Author: YaoZuo
Tutor: WangHuaiMing
School: Nanjing Agricultural College
Course: Accounting
Keywords: Listed Companies Related Party Transactions Non-fair Related PartyTransactions Corporate Governance Structure
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 33
Quote: 0
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Abstract


Related party transactions are common phenomenon in securities markets of all countries, it does has positive side, but also has negative side. Usually the transactions with the negative side are defined as the non-fair related party transactions, the major shareholders use the non-fair price to carry on the profit operation, meet the needs of the unreasonable motive of transactions, which harmed the principle of publicly, fair and just of the securities markets, these behavior aggrieved the rights of the minority shareholder seriously, reduced the listed companies’quality. The listed companies in our country have high concentration ratio of shareholder’s ownership, and there’s a big problem of governing the major stockholder, the supervision outside the companies doesn’t play a role, all the characters of our listed companies provide a stage for non-fair related party transactions. Therefore embarks from our listed companies, study on the non-fair related party transactions has a practical significance for proposing the government mentality.This article declare the characteristic of related party transactions, the background of non-fair related party transactions and the motive of these transactions, following it describes the present situation of the listed companies in our country, the present situation demonstrated that the related party transactions of our listed companies are increasing rapidly, and the ways of transactions become more circuitous and covert. On the basis of preamble, it analyses the connection between the related party transactions and the value of companies, also study the structure of shareholder’s ownership and the characteristic of the board, to find out the influence of corporate governance structure of Chinese listed companies to non-fair related party transactions. We discuss the question in both theory and empirical sides.This article proposed six suppositions according to the literature and the theory summary, examined the influence of corporate governance structure to non-fair related party transactions with the multiple regression model, there are two aspects of the board of directors’characteristic:directors’ independence and directors’ specialty. The results showed that the higher the rate of the first stockholder owns, and the first stockholder belong to the state, the bigger that the non-fair related party transactions occur; the better Stockholder’s rights keeping in balance, the fewer the non-fair related party transactions occur; The listed companies which separate The position of Chairman and general manager, and which set up the national audit office, could reduce the size of the non-fair related party transactions; But the independent director has not played the anticipated watch-dog function, not only has not been able to reduce the non-fair related party transactions, but also enhance the occurrence of this kind of bad transaction behaviors. Finally on the base of the analysis of these conclusions, the article tabled a proposal for improving the corporate governance structure day by day.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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