Abstract
This paper selects state-owned enterprises listed from 2010 to 2020 as the research object and analyzes the impact of non-largest shareholders appointing non-independent directors on the previous significant shareholders' related-party transactions behaviors prevalent in state-owned enterprises. It is found that in the realization mechanism of mixed reform, the appointment of non-independent directors by non-largest shareholders can significantly reduce the number of related-party transactions of listed companies; compared with the state-owned non-largest shareholders, the appointment of non-independent directors by non-state-owned first major shareholders has a significant inhibiting effect on the related-party transactions behavior of listed companies.
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