Study on the relationship of the protection for investors, related transactions and company efficiency: Taking Pan-Yangtze River Delta as example

摘要

The company managing efficiency and the protection level for investors are closely related. Taking the listed companies during period from 2007 to 2009 of the Pan-Yangtze River Delta as sample, this paper started from the protection of investors, and analyzed the influence of the protection of investors and the related transactions on the managing efficiency. The results shows: firstly, the listed companies of the Pan-Yangtze River Delta are commonly having controlling shareholders. Secondly, the corporations with chairmen of board coming from the controlling shareholders have obviously more related transactions than others. Thirdly, the related transactions are not obvious in the corporations with general managers from controlling shareholders. Fourthly, the related transactions are negative correlated with the protection of investors. Lastly, there is a positive correlation between the protection of investors and the managing efficiency.