中国上市公司关联交易及其对公司绩效的影响研究

发布时间：2018-10-19 12:53

【摘要】：上市公司的关联交易一直是我国证券市场中引人关注的热点问题，如何将关联交易规范化对于证券市场政策制定者与管理者来说，既是难点又是重点问题。关联交易作为一种市场资源配置形式，具有两面性：一方面既能为上市公司降低交易成本，提升公司的经营能力，从而提高公司价值，改善公司绩效水平；另一方面又能成为大股东侵占中小投资者利益的有力手段。从最近十几年我国证券市场的实际发展情况来看，关联交易逐年地频繁发生，而且很多关联交易已然成为上市公司控股股东侵占中小投资者利益或掏空上市公司的重要工具，不仅侵害了广大中小投资者的利益，也损害了发生关联交易上市公司本身的利益。本文首先通过对关联交易界定、分类和特征入手，分析关联交易的成因和影响，并重点分析了非公允关联交易的成因与对上市公司价值影响，还对我国沪深两市所有上市公司的关联交易发生的总体状况进行了全貌性的分析。并在全面分析我国上市公司关联交易总体状况的基础上，选取净资产收益率和托宾Q值作为公司绩效的衡量指标，对我国上市公司关联交易对公司绩效的影响进行了实证研究，其表明：相对于未发生关联交易的上市公司，发生关联交易的上市公司的绩效水平要差，并且关联交易发生规模与公司绩效水平呈现负相关性。本文认为关联交易特别是非公允性关联交易存在的根源在于所有权集中，股权越集中，关联交易的规模和发生次数就越多，对公司的价值和绩效水平都会产生影响。因此，为了改变关联交易的不利影响，本文提出了推行并购与重组，优化股权结构，消除非公允性关联交易，，同时还应该加强关联交易的界定和审核，完善上市公司信息披露制度，加大监管的力度等政策建议。
[Abstract]:The related party transaction of listed companies has always been a hot issue in the securities market of our country. How to standardize the related party transaction is a difficult and important problem for the policy makers and managers of the securities market. As a form of allocation of market resources, related party transaction has two sides: on the one hand, it can reduce transaction cost and enhance the management ability of listed companies, so as to improve the value of companies and improve the level of corporate performance; On the other hand, it can become a powerful means for large shareholders to encroach on the interests of small and medium investors. In view of the actual development of China's securities market in the past ten years, related party transactions occur frequently year by year, and many related party transactions have become an important tool for controlling shareholders of listed companies to encroach on the interests of small and medium-sized investors or to empty the listed companies. It not only infringes the interests of small and medium investors, but also damages the interests of listed companies. First of all, this paper analyzes the causes and effects of related party transactions by defining, classifying and characteristics of related party transactions, and focuses on the causes of unfair related party transactions and the impact on the value of listed companies. It also analyzes the overall situation of affiliated transactions of all listed companies in Shanghai and Shenzhen stock markets. On the basis of comprehensive analysis of the overall situation of related party transactions of listed companies in China, the paper selects the return on net assets and Tobin Q as the measure of corporate performance, and makes an empirical study on the impact of related party transactions on corporate performance of listed companies in China. It shows that the performance of listed companies with related party transactions is worse than that of listed companies without related party transactions, and the scale of related party transactions has a negative correlation with the level of corporate performance. This paper argues that the existence of related party transactions, especially non-fair related party transactions, is rooted in ownership concentration. The more concentrated equity, the more related party transactions scale and occurrence times, which will have an impact on the company's value and performance level. Therefore, in order to change the adverse effects of related party transactions, this paper proposes to promote mergers and acquisitions and reorganization, optimize equity structure, eliminate unfair related party transactions, at the same time, we should strengthen the definition and review of related party transactions. Improve the information disclosure system of listed companies, strengthen supervision and other policy recommendations.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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