上市公司关联交易与财务危机的实证研究

发布时间：2017-12-31 07:14

本文关键词：上市公司关联交易与财务危机的实证研究　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：现代企业制度要求建立所有权与经营权高度分离的法人治理机制,在此背景下,代表所有权的股东与代表经营权的管理层进行了漫长的博弈过程,并呈现一片欣欣向荣的景象。关联交易便在此时成为管理层用于与股东进行博弈的重要途径和手段,并且随着博弈内容的不断翻新而涌现出多种多样的关联交易形式。关联交易是一种普遍存在的现象,属于中性经济范畴,是伴随着跨国公司、母子公司制的广泛运用而实现的。之所以说关联交易是属于中性的范畴,是因为如果企业在公开、公平、公正的原则下实施,则可以有效减少企业之间的交易成本,包括搜寻成本、谈判成本等,有利于上市公司充分调配利用内部的市场资源,使营运效率得以提高,是市场经济中不可避免的正常行为。另一方面,如果上市公司利用关联交易来调整公开报表中的盈余信息,降低会计报表的真实性,降低报表信息披露的可信性,那么可能会侵害公司中小股东或其他利害关系人的合法权益。所以,规范我国上市公司关联交易行为,要求上市公司在进行关联交易业务时做到公开、公平和公正,给广大投资者及债权人提供有价值的投资决策信息,具有深远的社会意义和经济意义。关联交易对上市公司的健康发展具有非常重要的影响。目前,我国证券市场起步较晚,虽然发展迅速,但我国评估和审计等中介机构尚不健全,而关联交易的最大特点是价格可由双方协商决定,那么通过调控关联交易条件可以使某些利益集团及个人获得巨大利益。这种现象的发生,必然会损害有关公司的股东和债权人利益,也是对证券市场健康发展的严重阻碍。近年来,随着对关联交易研究的不断深入,政府监管部门已经开始高度重视对关联交易行为的规范约束和引导。财政部、中国证监会以及沪深证券交易所均已相继出台一系列措施,从各个方面加强对关联交易的监管。就我国实际情况而言,由于证券市场发展还不够完善,上市公司治理还不够健全,各种各样的关联交易行为层出不穷。经过二十年的发展,虽然相关管理部门在市场建设初期就开始重视关联交易的影响,并先后颁布了《关联方之间出售资产等有关会计处理问题暂行规定》、《企业会计准则第36号-关联方交易披露》等一系列相关法律法规,我国关联交易的法律法规逐渐完善,能更好地在明确关联方关系、促进关联交易公允定价、完善关联交易发生程序及提高关联交易信息披露质量,但是由于上市公司治理存在着先天不足之处,关联交易现象仍然较为普遍且难以避免。通过比较国外关联交易规制,我们发现,我国对关联交易规制的立法层次低、法律效力低,责任追究制度不完善,存在诸多法律冲突,同时,信息披露制度仍需改进。在关联交易中,从交易的方向看,分为“输入型”和“输出型”。“输入型”关联交易,上市公司处于卖方的位置,指公司取得上市资格或为了保持配股资格,避免被摘牌的一种手段,通过由集团公司向上市公司转移利润,在短期内人为提升公司经营业绩。“输出型”关联交易则与“输入型”关联交易相反,上市公司作为买方,指集团公司利用控股地位,通过关联交易行为占用上市公司资源,将其上市公司的利润转移至集团公司或其他企业。上市公司利用集团公司利益输入让公司获得资金,公司的价值暂时得以增加,从而在一定程度上暂时缓解公司的财务状况,而上市公司向集团公司进行的关联交易利益输出行为则直接减少公司价值,产生巨大的财务风险,甚至发生财务危机。上市公司在关联交易中既可能作为买方,也可能作为卖方,上市公司关联交易既能够改善公司财务状况,也可以恶化上市公司经营成果。通过对近几年来各种类型关联交易行为的分析,不难发现作为买方的交易占整个关联交易金额的90%以上。因此,本文主要研究利益输出关联交易行为对财务危机的影响。而通过对各种类型关联交易行为对财务指数的影响分析,关联交易行为的发生与财务危机之间有着密不可分的联系：笔者认为,上市公司为了掩饰财务波动、为避免亏损或连续三年亏损导致财务危机进行盈余管理是关联交易出现的诱因,而关联交易加速了财务危机的深化。关联交易加速财务危机深化的根本原因在于,上市公司进行的各种类型关联交易行为均可以加深财务风险,制造财务危机。上市公司存在的目的和价值就是以其所掌握的经济资源去创造更大的经济财富,实现其资产的不断增值。但是,企业经营过程中的存在诸多不可预料的复杂因素,企业治理对经营管理者本身的业务素质和管理经验具有较高的要求,这一系列因素均可能使企业产生财务风险,甚至出现财务危机。因此,如何有效防范、抵御财务风险,提前防范财务危机的出现,使企业更好地追求创新与发展已是财务管理需要迫切进行研究和解决的重要问题。本文研究的目的旨在研究上市公司关联交易行为及其对财务危机发生概率的影响,进一步分析多种关联交易方式是否加速了财务危机的发生,希望借此对规范资本市场、保护投资者利益、优化企业集团公司治理、促进上市公司健康发展等方面有一定的理论和实践意义。本文共分为以下五个部分,各部分主要内容如下：第一章：导论。简明阐述论文背景及研究意义、研究主要内容、思路及框架、本文的创新点等。对上市公司关联交易行为对财务危机的影响进行初步分析,并尽量结合我国的特殊国情,在我国上市公司的治理结构具有特殊的制度背景的情况下,进行特殊考虑和仔细研究。第二章：文献综述。本章将首先阐释与研究相关的若干个关键概念,之后分别对上市公司关联交易行为、财务危机的基本理论和相关文献进行了评述,最后将对近十年来与关联交易相关的诸多学术观点进行详细地列举和分析,试图从已有的结论中进一步寻找到能够支持本文写作的思路和方法。本文也将上市公司关联交易行为分类：关联购买、关联担保抵押、关联资金拆借与资产交易、关联股权债权交易与其他。本文将主要分析后三类交易行为对上市公司财务危机的影响。在此基础上,研究上市公司关联交易行为与财务危机两者之间的联系,阐明本文进行实证研究的理论依据是什么等,为论文下一步进行实证研究奠定了文献基础。第三章：理论基础。本章将对有关上市公司关联交易行为产生和发展的相关理论基础进行阐述,以及关联交易行为与财务危机的相互作用关系进行分析,为论文下一步进行实证研究奠定了理论基础。第四章：描述性统计与实证研究。本章提出本文的研究假设,阐明如何选择变量和样本数据,以及构建的实证模型。选取我国A股上市企业的相关数据为研究样本,设计出被解释变量与解释变量的研究模型。通过样本选择、研究设计模型、利用优化处理后的数据对上市公司关联交易行为对财务危机的影响进行实证研究,并对回归结果进行分析,寻找到能够支持本文假设的答案。第五章：研究结论及建议。根据以上几章的实证检验和数据分析,本文将在最后一章提出研究结论：利益输出型关联交易行为的存在加大了财务危机发生的可能性；上市公司提供的担保业务金额占总资产的比例越高,资金拆借与资产交易业务越频繁,进行债权、股权转让的金额越大,越有可能使上市公司陷入财务危机。本文对上市公司关联交易、财务危机之间的关系进行了全面的分析,研究突显了以下创新：(1)通过文献回顾与分析发现,以往对上市公司关联交易的研究对其与财务危机的关系领域涉足较少。本文在对现实经济现象的观察与分析后发现,两者之间确有因果相关的作用机理存在,因此将这两个研究问题结合起来,形成独特的视角。(2)对于关联交易问题的研究,以往仅限于笼统的概念界定,并没有扩展至关联交易的内涵。本文将关联交易进行了进一步区分,并把研究目光聚焦于关联交易的三种主要交易类型上,这在以前的研究中未曾出现。这种分类为研究的进一步进行提供基础。(3)本文选择在2010年所有A股市场中,因财务业绩方面原因被证交所特别处理(被ST)的上市公司作为财务危机企业样本,另选取财务正常组的上市公司作为比较样本。在研究过程中,本文剔除了数据不全的公司,其中为了防止无财务危机的公司太多,从而冲淡样本数据,导致实证研究结果的偏差,本文采用了配对样本的形式。另外,由于上市公司被ST处理必须是上市公司经审计连续两个会计年度的净利润均为负值,因此本文还对2007、2008、2009年公司的情况进行了研究,以求更为详细透彻的研究关联交易对财务危机的影响。本文研究中存在许多不足：第一、由于数据获取方面的困难,利用手工收集的过程中就难免存在误差；同时本文的研究窗口只涉及2007、2008、2009年,研究时期较短,可能导致模型预测存在一定程度误差；第二、本文选取被“ST”的上市公司作为样本对象,样本容量偏小；第三、本研究是选取了财务指标作为建立模型的指标,没有考虑非财务因素,容易造成预测的片面性等。
[Abstract]:The modern enterprise system requires the establishment of the corporate governance mechanism with high separation of ownership and business right . Under this background , the shareholder representing the ownership carries out a lengthy game process with the management layer representing the management right , and presents a thriving scene . The related transaction becomes an important way and means for management to play the game with the shareholders at this time . The related transaction is a common phenomenon , and belongs to the category of neutral economy . It is realized by the extensive application of transnational corporation and parent company . It is said that if the company is implemented under the principle of openness , fairness and justice , it is beneficial to reduce transaction cost between enterprises , including search cost , negotiation cost and so on . Therefore , if the listed company uses related transaction to adjust surplus information in public statement , reduce the authenticity of accounting statement and reduce the credibility of the disclosure of report information , it may infringe upon the interests of small shareholders or other interested parties in the company . In recent years , with the deepening of the research on the related transactions , the government regulators have begun to attach great importance to the regulation and guidance of the related transactions . In recent years , with the deepening of the research on the related transactions , the government regulators have begun to attach great importance to the regulation and guidance of the related transactions . In the case of China ' s actual situation , because the development of the securities market is not perfect , the governance of the listed company is not perfect , and all sorts of related transaction behaviors are not poor . After 20 years of development , the related transaction phenomenon is still more common and difficult to avoid . In the related transaction , the listed company is divided into " input type " and " output type " , " input type " related transaction , the listed company is in the seller ' s position , which means that the company obtains the qualification of listing or to maintain the qualification of the listed company , so as to improve the company ' s operating performance . The listed company can not only improve the company ' s financial position by using the profit input of the company , but also the financial crisis . The listed company can not only improve the company ' s financial situation , but also worsen the financial crisis . The purpose and value of listed companies are to create greater economic wealth with the economic resources they possess , to realize the value - added value of their assets . However , there are many unpredictable and complicated factors in the operation of the enterprise . The purpose of this paper is to study the relation transaction behavior of listed companies and their influence on the probability of occurrence of financial crisis , and further analyze whether multiple affiliated transaction methods have accelerated the occurrence of financial crisis , and hope to have some theoretical and practical significance in regulating capital market , protecting investors ' interests , optimizing corporate group corporate governance and promoting the healthy development of listed companies . This paper is divided into five parts , the main contents of which are as follows : Chapter 1 : Introduction to the background and significance of the thesis , the main content , the thinking and the framework , the innovation point of this paper , etc . The influence of the related transaction behavior on the financial crisis of listed companies is analyzed , and the special circumstances of our country are discussed , and the special consideration and careful study are carried out in the case of the governance structure of the listed company of our country with special system background . Chapter 2 : A review of the literature review . This chapter will first explain several key concepts related to the study , and then summarize and analyze the related transactions of listed companies , the basic theory of financial crisis and the related literatures , and then try to find out the relationship between the related transaction behavior and financial crisis of listed companies . On the basis of this , the paper studies the relationship between the related transaction behavior and financial crisis of listed companies . Chapter Three : Theoretical basis . This chapter expounds the relevant theoretical basis of the generation and development of the related transactions of listed companies , and analyzes the interaction between related transaction behavior and financial crisis , which lays a theoretical foundation for the next step of the paper . Chapter Four : Descriptive Statistics and Empirical Study . This chapter puts forward the research hypothesis of this paper , explains how to select variables and sample data , and constructs the empirical model . Based on the sample selection , the research design model is designed , and the influence of the transaction behavior of listed companies on the financial crisis is studied by means of sample selection , research and design model . The regression results are analyzed , and the answer which can support the hypothesis of this paper is found . Chapter 5 : Research conclusions and suggestions . According to the empirical test and data analysis of the above chapters , this paper puts forward the research conclusion in the last chapter : the existence of benefit - output - related transactions increases the probability of the financial crisis ; the higher the amount of guaranteed business provided by the listed company , the more frequent the fund borrowing and the asset - trading business , the greater the amount of the debt and equity transfer , the more likely the listed company is caught in the financial crisis . This paper makes a comprehensive analysis of the relationship between the affiliated transaction and the financial crisis of the listed companies . The research highlights the following innovations : ( 1 ) The research on the related transactions of the listed companies has been relatively small in the past research . There are many deficiencies in this study : Firstly , due to the difficulty of data acquisition , there is no error in the process of manual collection ; meanwhile , the research windows of this paper only relate to the short period of 2007 , 2008 and 2009 , which may lead to a certain degree of error in the prediction of the model ; secondly , the paper selects the listed company of " ST " as the sample object and has a small sample size ; and thirdly , this study selects the financial index as the index of establishing the model , and has not considered the non - financial factors and easily leads to the predicted one - sidedness and so on .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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