“双刃剑”的哪一面:关联交易如何影响公司价值

发布时间：2018-03-01 22:05

本文关键词： 关联交易公司价值经济后果作用机制　出处：《世界经济》2017年01期 　论文类型：期刊论文

【摘要】：本文以2005-2013年中国沪深两市2072家上市公司为样本,基于避税、构建内部资本市场、大股东"掏空"以及盈余管理四个视角系统考察了关联交易对公司价值的影响及其作用机制。研究结果显示,关联交易显著提升了公司价值。究其原因在于,关联交易虽然被用于真实活动盈余管理,但关联交易也同时发挥了避税、构建内部资本市场以缓解融资约束以及获取大股东"支持"的作用,综合来看对公司价值产生了积极影响。进一步研究表明,上市公司关联交易对公司价值的影响及其作用机制随外部环境(监管强度与市场化程度)、内部治理(产权性质与公司治理水平)以及关联交易性质(正常关联交易和超额关联交易)的不同而存在显著差异。
[Abstract]:This paper takes 2072 listed companies in China's Shanghai and Shenzhen stock markets from 2005 to 2013 as a sample to construct an internal capital market based on tax avoidance. From the perspective of "tunneling" and earnings management of major shareholders, this paper systematically examines the impact of related party transactions on corporate value and its mechanism of action. The research results show that related party transactions significantly enhance corporate value. Although related party transactions are used in earnings management of real activities, they also play the role of tax avoidance, construction of internal capital market to ease financing constraints and obtain the "support" of large shareholders. Taken together, it has had a positive impact on corporate value. Further research has shown that, The influence of related Party transaction on Company value and its Mechanism with external Environment (intensity of Supervision and degree of marketization), Internal Governance (property right and Corporate Governance level) and related Party transaction (normal related payment). There are significant differences between easy and excess related party transactions.
【作者单位】：厦门大学经济学院财政系;厦门大学管理学院;
【基金】：国家自然科学基金项目(71572165、71102058、71372072、71672157) 福建省自然科学基金项目(2016J01339) 福建省高校杰出青年科研人才培育计划的资助
【分类号】：F275;F832.51

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