中国上市公司非公平关联交易研究

发布时间：2018-05-12 01:40

本文选题：上市公司 + 关联交易　；参考：《河南大学》2012年硕士论文

【摘要】：众所周知，我国第一批上市公司的出现，被赋予建立和完善市场经济的使命，大多数是由国有企业改制上市而成。在这个制度变迁的过程中，中国上市公司股权结构呈现一种失衡状态，主要表现为股权高度集中，国有股一股独大。在这样的股权结构下，控股股东对上市公司有着重大影响，中小股东缺乏对控股股东的监督和制约。控股股东能够通过非公平关联交易操纵利润，掏空上市公司。这不仅直接损害了中小股东的利益，损害了上市公司的利益，同时也扭曲了财务信息，误导了投资者的判断，从而破坏了资本市场秩序，削弱了市场在资源配置中的基础性作用。在这样的背景下，如何有效控制我国上市公司非公平关联交易的频繁发生，就显得颇为必要，这个问题也是本文研究的重点。本文在描述我国上市公司非公平关联交易现状及特征的基础上，着重分析了上市公司股权结构与非公平关联交易的关系，提出了三个假设，，分别为：非公平关联交易金额与控股股东数量呈负相关；非公平关联交易发生频率与第一大股东持股比例正相关；当公司存在一个以上的控股股东时候，控股股东持股比例越接近，非公平关联交易发生金额越低。通过实证检验，确认了假设的合理性。除此之外，本文还运用了规范研究的方法分析了内部控制制度与非公平关联交易之间关系。本文在综合运用了规范和实证两种方法进行分析的基础之上，针对我国上市公司非公平关联交易的现象提出了建议，包括股权分置改革，完善内部控制，合理确定关联交易转让定价以及加强监管等措施。其中，通过股权分置改革和完善内部控制是本文的重点，也是一个创新点，以前关于我国上市公司非公平关联交易现象的研究，大多数研究成果主要围绕在如何加强监管这一领域，本文则通过论证提出继续深化股权结构改革这一建议。如果不从股权结构改革着手，完善上市公司内部控制制度，仅仅依靠完善相关法律法规，加强监管，很难从根本上解决我国上市公司非公平关联交易的现象。
[Abstract]:As we all know, the emergence of the first batch of listed companies in our country has been entrusted with the mission of establishing and perfecting the market economy, most of which are formed by the reform and listing of state-owned enterprises. In the process of institutional change, the ownership structure of Chinese listed companies presents a state of imbalance, which mainly shows that the ownership is highly concentrated and the state-owned shares are dominant. Under this kind of ownership structure, the controlling shareholder has great influence on the listed company, and the minority shareholder lacks the supervision and restriction to the controlling shareholder. Controlling shareholders can manipulate profits through unfair related party transactions, hollowing out listed companies. This not only directly damages the interests of minority shareholders and listed companies, but also distorts financial information and misleads the judgment of investors, thus undermining the order of the capital market. Weakened the market in the allocation of resources in the basic role. In this context, how to effectively control the frequent occurrence of unfair related party transactions of listed companies in China is quite necessary, and this issue is also the focus of this paper. On the basis of describing the current situation and characteristics of unfair related party transactions of listed companies in China, this paper focuses on the analysis of the relationship between the equity structure of listed companies and non-fair related party transactions, and puts forward three hypotheses. They are as follows: the amount of unfair related party transactions is negatively correlated with the number of controlling shareholders; the frequency of unfair related party transactions is positively related to the proportion of the largest shareholders; when the company has more than one controlling shareholder, The proportion of controlling shareholders is close, the amount of unfair related party transactions is lower. Through the empirical test, confirmed the rationality of the hypothesis. In addition, this paper also analyzes the relationship between internal control system and unfair related party transactions by the method of normative research. On the basis of synthetically applying normative and empirical methods to analyze the phenomenon of unfair related party transactions of listed companies in China, this paper puts forward some suggestions, including the reform of split share structure and the improvement of internal control. Reasonably determine the transfer pricing of related party transactions and strengthen supervision and other measures. Among them, through the reform of split share structure and the improvement of internal control is the focus of this paper, but also an innovation point, the previous research on the phenomenon of unfair related party transactions of listed companies in China, Most of the research results mainly focus on how to strengthen the supervision of this field, and this paper puts forward the suggestion of deepening the reform of ownership structure through demonstration. If we do not start from the reform of equity structure, perfect the internal control system of listed companies, only rely on the improvement of relevant laws and regulations, strengthen supervision, it is difficult to fundamentally solve the phenomenon of unfair related party transactions of listed companies in our country.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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