我国上市公司非公平关联交易的经济伦理学研究

An Economic Ethics Research of Listed Company's Unfair Related Transactions

我国上市公司非公平关联交易的大量存在会对企业独立生存能力、利益相关者的利益、正常的市场秩序以及公众的投资理念产生负面影响,主要表现在控股股东义利观的倒置会降低企业的独立生存能力以及管理机构义利观的模糊会干扰市场的正常秩序,而股权分置则是其根源所在。流通股股东与非流通股股东价值理念的冲突是其形成并发展的内生原因,政府习惯性干预市场的思维方式则是外生因素。因此,只有切实提高上市公司股东及政府的经济伦理意识并不断完善以公司治理机制和政府监管体制为代表的制度安排,才能从根本上治理股权分置并进而改变非公平关联交易现象,实现经济的可持续发展。

Chinese listed company＇s unfair related transactions will have negative effects on a company＇s independent capability, benefactor＇s benefit, normal market order and public investment idea. As a result, the disorder of stockholder＇s view of duty and benefit will reduce the sustainability of a business; also the governmental department＇s confusion of duty and benefit view will interrupt normal order of market, which is the source of stockholder＇s equality separation. The value conflict between stockholders and non-stock holder is the internal reason; government＇s habitual meddling the market is the external reason. Therefore, only by improving the economic ethics of the stockholders and the government, and by building up the regulations which supervise the company＇s administration as well as the government, can we really control the stockholder＇s equality separation and change unfair related transactions, and eventually achieve sustainable economic development.