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股权分置改革以后,上市公司所面对的市场环境与交易方式都发生了较大的变化,如治理结构、相关利益者行为、信息披露等都有了新的变化。作为上市公司重要交易方式之一的关联交易,其行为特征必然会有所变化。本文通过对比股权分置改革前后上市公司对外关联担保的行为变化及其与公司治理相关性的关联性,发现股权分置改革在一定程度上达到了预期目的。
After the non-tradable shares reform, the market environment and transaction methods faced by listed companies have undergone great changes, such as the new changes in the governance structure, the behavior of relevant stakeholders, and the disclosure of information. As one of the important transactions of listed companies, the related transaction will inevitably change its behavior characteristics. By comparing the behavior change of the listed company’s external affiliates and its correlation with the corporate governance before and after the split share structure reform, this paper finds that the split share structure reform has achieved the expected purpose to a certain extent.