Research On Information Disclosure Of Related Party Transactions Of Listed Companies

As a very common type of transaction business,related party transaction is an indispensable regulatory means to effectively alleviate the problem of information asymmetry in the securities market,safeguard the rights and interests of investors,and ensure the operation order of the securities market.However,in recent years,the number of listed companies' illegal information disclosure has been severely punished by the Securities Regulatory Commission,which has also caused a high proportion of related parties' trust in the securities market.Therefore,in order to ensure that the listed companies can reflect the related party transaction information completely and accurately,it is very important to further strengthen the standardized construction of the regulatory system.In 2019,in the government work report,Premier Li Keqiang made clear the "credit supervision" and urged that we actively promote the implementation of the "Internet plus regulation" reform measures.In the 2020 government work report,it still indicated that different industries should continue to promote the supervision mechanism of "Internet plus regulation" and make precise and timely supervision through Internet technology.Therefore,the policy of "Internet plus regulation" provides a new way to improve the supervision of information disclosure of original related party transactions,and has important practical guiding role.In view of this,this article selects Kangdexin,which was punished by the Securities Regulatory Commission for violations of related party transaction information disclosure in 2019,as the research object,studies the main problems in Kangdexin's illegal disclosure,and proposes corresponding improvement suggestions.This article first clarifies the research background and research significance and reviews the research status at home and abroad;secondly,it sorts out related party relationships,related party transactions,and relevant regulations on related party transaction information disclosure and regulatory measures in accordance with relevant legal standards.And introduced theories such as information asymmetry theory,principal-agent theory and fraud triangle theory to conduct an in-depth analysis of the problems and reasons of Kangdexin's illegal disclosure.The main reasons for the company's illegal disclosure of related party transaction information are excessive financial pressure,failure of internal supervision,poor external supervision efficiency,and lack of audit independence.Finally,according to the reasons of Kangdexin's illegal disclosure,suggestions were made for improvement from the levels of the company,audit agency,and external supervision department,and combined with the policy background of "Internet + supervision",the idea of building a platform for supervisory information sharing between departments was proposed.Promote multi-departmental supervision cooperation,so as to improve supervision efficiency and improve the quality of information disclosure of related party transactions of listed companies.