我国上市公司非公平关联交易的经济伦理学研究

The Economic Ethics Research of Listed Company's Unfair Related Party 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。控股股东义利观的倒置会降低企业的独立生存能力,管理机构义利观的模糊则会干扰市场正常秩序,这从内外两方面导致上市公司形成非公平关联交易偏好,而股权分置则是根源所在。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原因。因此,只有切实提高上市公司股东和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为代表的制度安排,才能从根本上治理股权分置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 party transactions will have negative effects in company＇s independent capability,benefactor＇s benefit,normal market order and public investment idea. Stockholder disorder the duty and benefit view, which will let company＇s independent capability down, governmental department＇s confusion of duty and benefit view will in- terrupt normal order of market, it makes unfair related party transactions come true from inside and outside, which is the source of stockholder＇s equality separation. The value conflict between stockholders and none-stock holder is the inner reason; government＇s value of meddling market is the outer reason. Therefore, only improve stockholders＂ and governments＂ economic ethics, and build up regulation which takes the regulation of company＇s administration and governmental supervision as repre- sentative, can really illuminate stockholder＇s equality separation and change unfair related party transactions further, and make sustainable development come true.