再融资前后关联交易对公司价值影响的研究

发布时间：2018-05-31 23:08

本文选题：关联交易 + 公司价值　；参考：《南京师范大学》2013年硕士论文

【摘要】：上市公司与关联方之间的交易活动普遍存在于世界范围之内。在中国,上市公司的关联交易由于涉及范围广、交易金额高、发生频繁而引起的学者和投资者的广泛关注。那么如此高频的交易活动背后上市公司和关联方到底是出于何种动机?企业追求的究竟关联交易本身所带来的最低交易成本和最大化利润,还是出于利用关联交易这种隐秘的活动来转移上市公司的资产和利润从而攫取收益的目的? 本文引用了内部资本市场理论分析了关联交易产生的原因,运用资产专用性理论和交易成本理论分析了关联交易本身存在的优势,又运用委托代理理论论述了交易内部可能存在的个人机会主义行为。另外运用盈余管理理论和控制权收益理论辩证的分析了企业运用关联交易在SEO前后可能对公司价值产生的影响。从正反两方面的指出了关联交易对公司有可能产生的侵占和支持效应。其次,本文以上市公司再融资为切入点,用模型进行了分析,模型显示上市公司在具有融资需求时会通过关联交易来进行利润输出,当成功募集资金后又会运用关联交易进行利润攫取。最后本文以2007～2009年的再融资上市公司为研究样本,通过对再融资前两期至后两期的财务数据的提取,分析上市公司再融资前后关联交易对于公司价值产生的影响。研究结果显示,不同类型的关联交易活动对公司价值的影响大相径庭。但是总的来说,关联交易对于上市公司的影响并不全是负面影响,资金往来类关联交易显示对于上市公司的价值产生正向作用。在我国资本市场上通过股权再融资增资的上市公司中,融资后公司价值出现了显著的下降趋势。而以融资事件划分的融资前和融资后两个期间内,关联交易对公司价值产生的影响也是不同的。主要表现在上市公司融资前的关联交易更多对于上市公司进行“输血”来满足监管机构的融资要求,但在上司公司成功募集到资金后,关联交易对于公司价值的支持效应明显减弱,甚至出现了掏空企业的迹象。最后基于本国的国情和现实情况,本文对我国上市公司关联交易的会计信息披露和再融资资格审核提出了相关的对策性建议。
[Abstract]:Trading activities between listed companies and related parties generally exist in the world. In China, the related transactions of listed companies have attracted the attention of scholars and investors because of their wide range, high transaction amount and frequent occurrence. So what are the motives behind such high-frequency trading activities for listed companies and related parties? What enterprises pursue is the lowest transaction cost and maximum profit brought by the related party transaction itself or the purpose of using the covert activities of related party transaction to transfer the assets and profits of the listed company to grab the profits. Based on the theory of internal capital market, this paper analyzes the causes of related party transactions, and analyzes the advantages of related party transactions by using the theory of asset specificity and transaction cost. The author also discusses the possible individual opportunistic behavior within the transaction by using the principal-agent theory. In addition, using earnings management theory and control income theory, this paper dialectically analyzes the influence of related party transactions on corporate value before and after SEO. This paper points out the possible usurpation and support effect of related party transaction on the company from both positive and negative aspects. Secondly, this paper takes the refinancing of listed companies as the starting point and analyzes it with the model. The model shows that the listed companies will export their profits through related party transactions when they have financing needs. When successful fund-raising will be used to use related transactions to profit. Finally, taking the refinancing listed companies from 2007 to 2009 as the research sample, through the extraction of the financial data from the first two periods to the next two periods of refinancing, this paper analyzes the impact of related party transactions before and after refinancing on the value of the listed companies. The results show that different types of related party transactions have different effects on company value. However, in general, the impact of related party transactions on listed companies is not all negative, and related party transactions of capital transactions show a positive effect on the value of listed companies. In the capital market of China, the value of listed companies increased by equity refinancing shows a significant downward trend after financing. In the period of pre-financing and post-financing, the impact of related party transactions on corporate value is also different. This is mainly reflected in the fact that the related party transactions before the financing of listed companies carry out more "blood transfusions" for listed companies to meet the financing requirements of the regulators, but after the boss companies successfully raised funds, The supporting effect of related party transactions on corporate value is obviously weakened and even shows signs of tunneling. Finally, based on the situation of our country and reality, this paper puts forward some relevant suggestions on accounting information disclosure and refinancing qualification audit of related transactions of listed companies in China.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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