我国关联交易行为引发风险的前期识别及监管研究

发布时间：2018-01-12 20:05

本文关键词：我国关联交易行为引发风险的前期识别及监管研究　出处：《华北电力大学》2014年硕士论文　论文类型：学位论文

【摘要】：关联交易问题是伴随证券市场的发展而产生的,普遍存在于现代经济生活中。我国特殊的内外部环境为企业关联交易提供了滋长的环境,在利用关联交易降低交易成本,提高公司运行效率的同时,控股股东通过关联交易操纵利润、粉饰业绩、侵害中小股东利益的事项频频发生。实行监管制度能够在一定程度上限制关联交易的滥用。虽然我国对关联交易的监管已初步形成一个体系,但尚存在较多不完善的地方,进一步改进监管是使我国证券市场健康运行的必要条件。本文以2004—2011年间1106家上市公司的有关交易数据为样本,研究了关联交易的统计特征,并建立了面板数据模型进行内部诱因实证研究。研究发现我国上市公司股权结构不完善以及利用股票增发机会赢得证券市场上更多资金份额和扭转以前年度亏损状态这三类动机,是诱发非公允关联交易最主要的内部因素。本文以这三类主要内部诱因为起点结合关联交易特征分析及相关理论,完成了关联交易引发风险的前期识别体系的构建,同时结合我国监管存在的问题提出有针对性的监管建议,指出监管方向从优化股权结构、完善公司治理、落实交易法规、提高执法力度及加强前期监控五个方面进行改进,以期规范我国关联交易行为,减少关联交易行为引发的风险。
[Abstract]:The problem of related party transaction comes into being along with the development of securities market, and it exists in modern economic life. The special internal and external environment of our country provides the environment of growth for the related party transaction of enterprise. In the use of related party transactions to reduce transaction costs and improve the operational efficiency of the company at the same time, the controlling shareholder through related party transactions to manipulate profits, whitewash performance. The practice of supervision system can limit the abuse of related party transactions to a certain extent. Although the regulation of related party transactions in our country has formed a preliminary system. However, there are still many imperfections, and further improvement of supervision is a necessary condition for the healthy operation of China's securities market. Based on the transaction data of 1106 listed companies between 2004 and 2011, this paper studies the statistical characteristics of related transactions. The empirical research shows that the equity structure of listed companies in China is not perfect and the opportunity of issuing additional shares to win more capital share and reverse the previous annual losses in the stock market. State, these three motivations. It is the most important internal factor that induces unfair related party transaction. This paper takes these three kinds of main internal inducement as the starting point and combines the related transaction characteristic analysis and the related theory. Completed the construction of risk identification system of related party transactions, combined with the existing problems of supervision in China to put forward targeted regulatory recommendations, pointing out the direction of supervision from the optimization of equity structure, improve corporate governance. In order to standardize the related party transaction behavior and reduce the risk caused by the related party transaction behavior, we can carry on the improvement in five aspects: implementing the transaction law, enhancing the law enforcement and strengthening the supervision in the early stage.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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