我国上市公司关联交易规则、特征及动机研究

发布时间：2017-12-31 05:36

本文关键词：我国上市公司关联交易规则、特征及动机研究　出处：《西安石油大学》2012年硕士论文　论文类型：学位论文

【摘要】：关联交易因其具有积极面和消极面的双重特性，一直以来都是学术界研究的热点问题。积极的一面主要表现为，熟悉的关联双方进行交易可以节约交易成本，给交易双方都带来真正的收益；消极的一面主要表现为，关联交易为上市公司操纵利润、转移资产、规避税负等提供了看似合法的途径，从而损害了中小股东、债权人以及国家的利益。从早期的学者研究文献中还可以发现，相比西方发达国家，我国上市公司的关联交易更多地表现为消极的一面，严重影响了证券市场的健康发展。那么，我国上市公司关联交易具有哪些特征，导致其频发的动机又有哪些，我国的政策监管是否完善，这正是本文要研究的问题。本文在借鉴相关学者研究的基础上，首先对关联交易相关理论概念进行论述，主要阐述我国与发达国家关联交易规则的异同点以及我国关联交易监管的演进。其次，通过统计分析沪市A股上市公司2007-2010年的关联交易数据，研究经济危机背景下我国关联交易行为的具体特征以及变化趋势。接下来，以2010年沪市A股上市的102家公司的相关数据作为样本数据，通过建立多元线性回归模型和差异性分析体系，实证分析和检验关联交易的发生动机。研究结果表明：关联购销商品、提供或接受劳务、担保抵押这三种关联交易类型发生最为频繁；我国上市公司关联交易行为具有一定的地域性特征，较好的经济环境能够减少关联交易行为；采掘业等资金密集型行业的日常关联交易发生比例最高；经济危机背景下，我国上市公司关联交易发生次数出现先下降后增长的变化趋势，金融保险业受经济危机的影响最为显著；我国上市公司关联交易频发的原因在于大股东隧道挖掘动机、上市公司操纵利润动机和逃避税收等动机的驱动。最后，根据研究结论提出规范我国上市公司关联交易的相关建议：相关部门应该进一步完善我国上市公司的公司治理结构，完善相关法规准则以及提高会计信息使用者素质，以期更有效地规范我国上市公司关联交易行为。
[Abstract]:Related transactions because of its dual characteristics of positive and negative aspects, has always been a hot issue in academic circles. The positive side is mainly manifested as familiar with the association of the transaction can reduce transaction costs, the parties to the transaction will bring real benefits; a mainly negative, related transactions for listed companies to manipulate the transfer of assets, profits, tax avoidance provides a seemingly legitimate way, to the detriment of shareholders, creditors and the interests of the country. From the early researchliteratures we found that compared with western developed countries, related transactions of listed companies showed more negative side, seriously affected the healthy development the securities market. Then, related transactions of listed companies which have characteristics, lead to the frequent motivation and what, China's regulatory policy is not perfect, it is It is the question to be studied in this article.
In this paper, on the basis of relevant studies, this article first discussed the related transaction theory concept, mainly expounds the related transaction rules in our country and the developed countries and the evolution of the similarities and differences between the supervision on the related party transactions in China. Secondly, analysis of the Shanghai A shares of listed companies in 2007-2010 transactions through statistical data, the specific characteristics of China's association the background of transactions under the economic crisis and the changing trend. Then, based on the data of 2010 in Shanghai A shares of 102 listed companies as sample data, through the establishment of model and difference analysis system of multiple linear regression, motivation empirical analysis and test of related party transactions. The results show that: association of buying and selling goods, provide or accept service, guarantee the security of these three related types of transactions occurred most frequently; the related transactions of Listed Companies in China has the certain region Sign, good economic environment can reduce the related transactions daily related transactions; mining capital intensive industries such as the occurrence of the highest proportion; the background of the economic crisis, associated transactions of Listed Companies in our country the number decreased trend growth, the financial insurance industry affected by the economic crisis is the most significant cause of our country; the related transactions of the listed companies frequently in big shareholder tunneling motivation for listed companies to manipulate profits and evade taxes motivation drive. Finally, put forward relevant suggestions to standardize the listed companies related transactions based on the conclusion of the study: the relevant departments should further improve the corporate governance structure of Listed Companies in China, improve the relevant laws and regulations and improve standards the users of accounting information quality, in order to effectively regulate the related transactions of Listed Companies in China.

【学位授予单位】：西安石油大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

【参考文献】