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企业集团与其上市公司关联交易产生的后果有二:一方面,它有利于企业集团充分利用内部的市场资源,提高整个企业集团的资本运营能力和上市公司的营运效率;另一方面,不公平的关联交易严重损害了投资者和债权人利益乃至国家利益。为此,应从公司立法和证券立法两方面,对规范关联交易的界定、控制股东诚信义务的内容及测试标准、信息披露制度以及健全证券市场的监管和处罚措施进行全面探讨。
On the one hand, it helps the enterprise group to make full use of the internal market resources, enhance the capital operation ability of the whole enterprise group and the operation efficiency of the listed company; on the other hand, the unfair Related party transactions have seriously damaged the interests of investors and creditors and even national interests. Therefore, from the aspects of company legislation and securities legislation, we should conduct a comprehensive discussion on the definition of related party transactions, the content and testing standards of controlling shareholders’ fiduciary duty, the information disclosure system and the regulation and punishment of sound securities market.