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

This paper analyzed the protection for investors, the related transactions, and the managing efficiency within a united frame. Taking the listed companies during period from 2007 to 2009 of the Pan-Yangtze River Delta as sample, this paper started from the protection for investors, and analyzed the influence of the protection for 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 for investors. Lastly, there is a positive correlation between the protection for investors and the managing efficiency.