| Related transaction widespread in China's market economy. If it is justified, the company's operating costs will decline, the economic benefits will increase; if it is unfair, the company's interests will be damaged to some extent, reduce the enthusiasm of investors, minority shareholders interests, hinder the healthy development of China's market economy.Improper related party transactions occur frequently in China's listed companies,because of weaknesses in the company's ownership, governance structure and regulation, mainly in the company's largest shareholder equity is very centralized governance institutions and agencies can not operate independently of external supervision of the regulatory body poor, etc., which gives substantial shareholder "tunneling" behavior of listed companies to provide convenient conditions, so the interests of small investors have been violated. Case in recent years, China's major shareholders of listed companies of unfair related transactions continue to emerge,indicating improper related party transactions of listed companies has become a must to solve the problem as soon as possible, only be reasonable regulation, will enable minority shareholders to establish investment confidence, stimulate their enthusiasm for investment. For investor protection issues, although China's relevant laws and regulations have been enacted many provisions, but these provisions generally lack comprehensive and high enforcement, it is made on the basis of the existing provisions of the perfect is our main task. In this paper, related party transactions,Hainan Airlines to analyze, through the analysis revealed the presence of improper related party transactions of listed companies, this problem has led to damage to the interests of minority shareholders, according to recommendations in order to point out the problem. By reading the relevant literature related transactions can be found,many articles will focus on the company to protect the interests of listing, while ignoring the protection of listed companies in the interests of small shareholders, the paper broke the routine, the minority shareholders of Hainan Airlines as the focus of the protection of the interests of research, and related party transactions originallycarried out in-depth analysis, the final study of small and medium investor protection.This paper consists of six parts. The first part of the first proposed research background and significance of the article. The second part of the theoretical concepts related parties, related party transactions, investors and the like rational economic man hypothesis defines, and analyzes the major shareholders of listed companies through unfair related transactions occupy the interests of small shareholders mode.The third part of the specific ways related transactions are analyzed. The fourth part of Hainan Airlines detailed description, and details the major related party Hainan Airlines, Hainan Airlines and finally discusses the related transaction conditions and specific forms. The fifth part begins with an overview of the specific acts Hainan Airlines related transactions, followed by further discussion of the specific reasons for the occurrence of such acts, namely the imbalance from the company equity firms,internal corporate governance structure can not function effectively, minority shareholders of listed companies of their own and the rights are not actively exercise rights awareness is not strong, and the laws and regulations involved, the related transaction information disclosure system is not very comprehensive, more angles for analysis. The sixth part is associated by the specific circumstances of the earlier transaction Hainan Airlines, it points out reasonable policy recommendations related regulations transaction. |
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