| Impact of related transaction of listed company on enterprise value has the characteristic of the duality. On the one hand, related transaction can turn external market to internal market and inspire the creativity of enterprise’s internal resources to decrease transaction cost, improve enterprise profitability and increase enterprise value. On the other hand, it is of important theoretical value and practical significance to study the impact of related transaction on financial result in listed company. Because related transaction can easily become a tool manipulated by large shareholders who have the control of business management to transfer corporate profits and enterprise resources,which not only harms minority shareholder’s interests, but also the main reason of the vicious declines and serious losses in enterprises.The paper take the impact of ownership structure and related transaction on financial result of listed company in appliance industry as the research subject, based on the comparison analysis of ownership structure, related transaction and financial result of 3listed companies, Supor, Aucma and Vatti, in appliance industry during 2010-2014. The paper analyzes the impact of different ownership structure on related transaction and the impact of different related trans action on financial result in listed company.The paper hope to provide a case basis to improve the ownership governance, increase corporate performance, protect the interests of investors of listed companies in our country and regulate healthy development of Chinese security market.Through the case study, the conclusions suggest that ownership structure can significantly affect the related transaction of listed company. The listed company with higher ownership concentration have more amount and larger deal size in related transaction. State-owned listed company import more related transaction. Related transaction, under the effects of different ownership structure, can significantly affect the financial result of listed company. Among that, when the ownership structure is more concentrated, the effect of related transaction on profitability is more positive, but on financial risk is more negative. Between State-owned listed company and non-state-owned listed company, the former effect of related transaction on profitability and financial risk is both more negative. What is noteworthy is that a large number of related security transaction is a hidden act of stripping assets which can increase financial risk of listedcompany.Finally,based on the conclusions,the paper suggests the following three proposals including optimizing ownership structure, specifying pricing method in related transaction to improve information exposure institution and building comprehensive multi-level supervision system. |
