我国上市公司股权结构对关联交易的影响研究

发布时间：2018-01-13 07:01

本文关键词：我国上市公司股权结构对关联交易的影响研究　出处：《山东财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国上市公司并不是由古典企业自然发展而产生的，而是在对计划经济企业制度否定和改造的过程中成长起来的。这种特殊的发展环境造成我国上市公司的股权结构具有高度集中、缺乏制衡等鲜明特征。而且，，我国上市公司大多是由国有企业改制而成，上市公司与其母公司以及下属子公司之间存在着千丝万缕的联系，导致上市公司关联交易频繁发生且数额巨大。因此，这种股权结构容易导致关联交易频发，严重影响了公司的正常发展，不利于公司绩效的提升。随着我国证券市场以及企业制度改革的深入，上市公司取得了长足的发展，使得越来越多的国内外学者开始从理论与实践两方面对上市公司关联交易所引发的利益冲突问题进行深入研究。本文首先介绍了文章的选题背景，回顾了国内外学者关于股权结构与关联交易的研究成果，并对相关概念和理论基础进行归纳与分析，其次，在前人研究和相关理论分析的基础上，提出本文的研究假设，并以2011-2012年深圳证券交易所的A股上市公司为研究样本，利用多元回归分析法，借助SPSS17.0分别考察了上市公司股权集中度、股权制衡度、第一大股东绝对控股对关联交易的影响，以及关联交易是否对公司绩效产生影响。主要研究结论有：上市公司股权集中度与关联交易发生额显著正相关；而股权制衡度与公司关联交易呈显著负相关关系；存在绝对控股股东的公司更容易发生关联交易；公司绩效与关联交易呈显著的负相关关系，这说明由于上市公司股权结构不完善，公司治理水平较低，控股股东存在利用关联交易进行隧道挖掘的情况。通过本文的研究希望为完善上市公司内部治理结构、保护中小股东合法权益、提高公司绩效，促进我国证券市场的持续健康发展提供理论与实证依据。
[Abstract]:China's listed companies are not produced by the natural development of classical enterprises. But in the process of negation and transformation of planned economy enterprise system. This special development environment causes the ownership structure of listed companies to be highly centralized, lack of checks and balances, and so on. Most of the listed companies in our country are formed by the reform of the state-owned enterprises, and there are inextricably links between the listed companies and their parent companies and their subsidiary companies. Therefore, this kind of ownership structure easily leads to the frequent occurrence of related party transactions, which seriously affects the normal development of the company. With the deepening of China's securities market and enterprise system reform, listed companies have made great progress. More and more domestic and foreign scholars begin to study the conflicts of interest caused by the listed companies' related exchanges in theory and practice. This paper first introduces the background of the article, reviews the domestic and foreign scholars on equity structure and related transactions research results, and related concepts and theoretical basis of induction and analysis, secondly. On the basis of previous research and related theoretical analysis, this paper puts forward the research hypothesis, and takes the A-share listed companies of Shenzhen Stock Exchange from 2011-2012 as the research sample, using the method of multiple regression analysis. With the help of SPSS17.0, this paper investigates the influence of the concentration of equity, the degree of equity balance and the absolute control of the first largest shareholder on the related party transactions in listed companies. The main conclusions are as follows: the degree of ownership concentration of listed companies is significantly positively correlated with the amount of related party transactions; The degree of equity balance has a significant negative correlation with the related transaction. Companies with absolute controlling shareholders are more likely to have related party transactions; There is a significant negative correlation between corporate performance and related party transactions, which indicates that the level of corporate governance is low due to the imperfect ownership structure of listed companies. Through the research of this paper, we hope to improve the internal governance structure of listed companies, protect the legitimate rights and interests of minority shareholders, and improve corporate performance. To promote the sustainable and healthy development of China's securities market to provide theoretical and empirical basis.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F271

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