保护投资者权益与增进公司经营效率同为上市公司关联交易治理的价值目标,不宜顾此失彼。非利害关系股东批准、强制性信息披露及私人诉讼虽能有效抑制控制股东非公平关联交易,但却存在非效率缺陷;独立董事的独立性品格和专业优势则可确保关联交易审查的效率及有效性。由少数股东排他选任的独立董事组成专门委员会专司关联交易审批职权,或能在公平与效率的动态平衡中促成关联交易治理的最佳效果。 Protecting the rights and interests of investors and improving the company’s operating efficiency are the same value goals of governance of connected transactions for listed companies. The approval of non-interested shareholders, compulsory information disclosure and private litigation can effectively restrain the non-equitable related-party transactions of controlling shareholders, but there are inefficiencies; the independent character and professional superiority of independent directors can ensure the efficiency and effectiveness of the examination of connected transactions Sex. Independent directors, who are solely elected by the minority shareholders, shall form special committees to handle the examination and approval authority of related transactions or to promote the best effect of the governance of connected transactions in the dynamic balance of fairness and efficiency.