上市公司关联交易定价的研究

发布时间：2018-01-14 09:16

本文关键词：上市公司关联交易定价的研究　出处：《山东大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的不断发展,上市公司数量剧增,上市公司关联交易定价已经成为一个热点话题。公允的关联交易可以降低交易成本,避免信息不对称,提高资产盈利能力。但是目前每每谈及上市公司关联交易,往往给它打上“徇私、舞弊”、“虚假信息”等烙印。从理论上讲,关联交易虽被认为是内部操控行为,但又不属于内幕交易的范畴；它属于中性经济范畴,是一种市场行为,而又不是单纯的市场行为。而在实际的操作过程中,由于关联方交易行为的不确定性以及转让定价的非公允性、隐蔽性和监管的困难性等特点,容易造成中小投资者乃至国家利益受到损害。因此保证关联交易的公平和公正,防止暗箱操作,拥有一个公允的、有效的关联交易转让定价机制变得尤为重要。本文首先在对国内外相关文献进行回顾的基础上,对关联方、关联交易以及关联交易类型、关联交易转让定价机制进行了概述。接着,分析了影响关联交易转让定价机制的相关因素以及目前存在的缺陷,包括：关联交易转让定价决策内外的影响因素、关联定价的方法选择、关联转让定价的决策程序、决策风险控制以及关联交易转让定价的信息披露等。然后,在相关描述统计分析的基础上,用实证分析的方法分析证实了关联交易转让定价决策中存在的盈余管理行为和避税行为。本文选取了国内A股市场2008-2010年披露关联交易的上市公司,共1861个样本,通过对样本公司的特征变量的分布,来分析上市公司利用关联交易转让定价机制进行盈余管理行为与避税行为的特征。结果发现：上市公司明显存在利用关联交易转让定价进行盈余管理的行为；ST公司上市公司和存在配股行为的公司利用关联交易转让定价提高利润实现扭亏的行为更为明显；由大股东绝对控制的上市公司,可能存在利用关联交易转让定价转移利润的行为；上市公司也存在利用关联交易转让定价和税率差异逃避所得税的动机。最后,在上述分析的基础上,指出我国关联交易交易所存在的缺陷,并针对如何完善上市公司关联交易转让定价提出相关建议。
[Abstract]:With the continuous development of our economy, the number of listed companies has increased dramatically, the pricing of related party transactions of listed companies has become a hot topic. Fair related party transactions can reduce transaction costs and avoid asymmetric information. Improve the profitability of assets. But now often talk about listed companies related transactions, often give it "favoritism, fraud", "false information" brand. Theoretically speaking. Although related party transactions are considered to be internal manipulation, they do not belong to the category of insider trading. It belongs to the category of neutral economy, it is a kind of market behavior, but not a simple market behavior, and in the actual operation process, because of the uncertainty of the related party's transaction behavior and the unfairness of the transfer pricing. The characteristics of concealment and difficulty of supervision are likely to cause damage to the interests of small and medium investors and even the state. Therefore, it is fair to ensure the fairness and justice of related party transactions and to prevent the operation of dark boxes. An effective transfer pricing mechanism for related party transactions has become particularly important. Based on the review of relevant literature at home and abroad, this paper summarizes the transfer pricing mechanism of related parties, related party transactions, related party transactions, related party transactions and related party transactions. This paper analyzes the related factors that affect the transfer pricing mechanism of affiliated transactions and the defects existing at present, including: the influence factors inside and outside of the transfer pricing decision of related party transactions, and the method choice of the related party pricing. The decision procedure, the decision risk control and the information disclosure of the transfer pricing of the related party transaction. Then, on the basis of the statistical analysis of the relevant description. In this paper, the earnings management behavior and tax avoidance behavior in the transfer pricing decision of related party transactions are confirmed by empirical analysis. This paper selects the listed companies that disclosed related party transactions in the domestic A share market from 2008 to 2010. Division. A total of 1861 samples were collected by the distribution of the characteristic variables of the sample companies. To analyze the characteristics of earnings management behavior and tax avoidance behavior of listed companies using the transfer pricing mechanism of affiliated transactions. The results show that the listed companies obviously have the behavior of earnings management using the transfer pricing of related party transactions; St company listed company and the company with the behavior of rights issue are more obvious to use the transfer price of related party transaction to improve the profit to turn the loss; Listed companies under the absolute control of large shareholders may have the behavior of transferring profits by transfer pricing of related party transactions; Listed companies also have the motivation to evade income tax by using transfer pricing and tax rate differences in related party transactions. Finally, on the basis of the above analysis, this paper points out the defects of China's affiliated trading exchanges, and puts forward some relevant suggestions on how to improve the transfer pricing of affiliated transactions of listed companies.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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