論我國上市公司關(guān)聯(lián)交易-wenkub
2023-01-23 11:07:38 本頁面
【正文】 a listed pany, and its original pany as a parent pany, listed panies as part of the parent pany, inevitably with the parent pany , The development of related transactions will increase. There are advantages and disadvantages of related party transactions. Advantageously, the fair transaction can reduce the transaction cost of the enterprise, optimize the capital structure of the enterprise, and improve the profit of the listed pany. However, the drawbacks of related party transactions can not be ignored, in the actual related party transactions almost no real sense of fairness, so often there will be a party holding the other small shareholders will not be reflected, which is not conducive to the interests of small shareholders The In addition, in order to obtain high profits, many enterprises through fraud fake way to raise performance, manipulate the stock price, from which the market capital, serious damage to the interests of investors, disrupt the securities market order. Therefore, it is necessary to study the related transaction of listed panies in our country. By studying and understanding the advantages and disadvantages of the related transactions in China, we can provide the corresponding reference for the policy of regulating the related trading market and so on. The legitimate rights and interests of investors to ensure the healthy operation of the capital market, for the maintenance of the healthy development of the securities market is of great significance. In this paper, the status quo of the related transactions of listed panies in China is studied, and the existing problems such as accounting problems, the ownership structure of the pany and the supervision and supervision indicators are analyzed, and the corresponding countermeasures are put forward. The full text is divided into five parts. The second part prehensively analyzes the present situation and main forms and characteristics of the related transactions of listed panies in China, and expounds the reasons and motivations of the related transactions. The third part expounds the relationship between the related parties and the related parties. China39。我國證券市場發(fā)展極快，現(xiàn)已初具規(guī)模，很多重要指標(biāo)我國都名列前茅，很有潛力。 證券市場在不斷地發(fā)展，關(guān)聯(lián)交易的方向、方式手段等諸多內(nèi)容也在不斷的發(fā)生變化，在這樣的形勢下， 如何更好地去規(guī)范關(guān)聯(lián)交易，促進證券市場的健康有序發(fā)展就越來越受到關(guān)注。相對來說后者對于關(guān)聯(lián)人的界定較前者則更為具體，其中 將關(guān)聯(lián)人分為關(guān)聯(lián)自然人及關(guān)聯(lián)法人，并對所包含的內(nèi)容做出了具體闡述 ，更加利于明確關(guān)聯(lián)方的范圍。 從理論上來說，關(guān)聯(lián)交易的存在有其必然性。 2 我國上市公司關(guān)聯(lián)交易的現(xiàn)狀 我國上市公司關(guān)聯(lián)交易產(chǎn)生的原因及動機 關(guān)聯(lián)交易產(chǎn)生的原因 我國上市公司最初均來自于國有企業(yè)的重組，因此不可避免的具有一定的關(guān)聯(lián)性。正是由于這些因素，我國的關(guān)聯(lián)交易發(fā)展迅速 關(guān)聯(lián)交易的動機 關(guān)聯(lián)交易是關(guān)聯(lián)雙方的一種商業(yè)關(guān)系，二者之間往往存在一定的利害關(guān)系。為了達到上市要求，各企業(yè)常常通過資產(chǎn)剝離、資產(chǎn)租賃等方式 達到 資產(chǎn)重組 的目的 ，從而 使其 關(guān)聯(lián)交易達到要求，進而實現(xiàn)上市的目的。 為此，為了滿足配股要求，上市公司就會通過關(guān)聯(lián)貿(mào)易來造價業(yè)績，轉(zhuǎn)移企業(yè)虧損，從而達到配股要求。此外，一些企業(yè)實際上并未盈利，然而通過關(guān)聯(lián)交易之后利潤卻能夠達到很高。 四、逃避稅收。通常來說，上市公司的信譽度在銀行看來是很高的，因此，通過關(guān)聯(lián)上市公司，并 由其 為企業(yè)貸款擔(dān)保，有利于 相關(guān)聯(lián)企業(yè)獲得 發(fā)展資金。集團公司通過原材料和產(chǎn)品銷售渠道實現(xiàn)價差的轉(zhuǎn)移，獲取利潤，最終 使公司上市 。 例如方林公司，在上市之后每年會與其集團公司簽署占用雙方資金須有償?shù)膮f(xié)議，方林上市公司通過這項協(xié)議便每年從其集團公司中獲益。資金租賃對于上市公司和集團公司之間實現(xiàn)利潤的轉(zhuǎn)移極為方便有效地手段。 若上市公司只是母公司的一個分支 ,則上市公司與母公司之間就是相互依存的。例如對于一個石油產(chǎn)業(yè)，一般擁有多家上市公司，但是對于石油的采購動力、廠房、儀器設(shè)備及石油的銷售都受集團公司的統(tǒng)一支配，很難實現(xiàn)自主獨立的經(jīng)營。
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