关联交易和会计盈余的价值相关性  

Related Party Sales and the Informativeness of Accounting Earnings

作　　者：洪剑峭[1] 方军雄[1] 

机构地区：[1]复旦大学管理学院

出　　处：《中国会计评论》2005年第1期87-98,共12页China Accounting Review

基　　金：复旦大学文科科研推进计划"金穗"科研项目(04JS041)之阶段性成果。

摘　　要：通过对2001年上市公司关联销售的研究分析,初步发现了关联交易影响了会计盈余信息的价值相关性。当上市公司向其关联方的商品销售达到较大比重时,其报告的会计盈余数据具有较低的价值相关性。但同时,市场对较低比例的关联交易似乎比较认可,并不影响盈余数据的价值相关性。总体上,盈余的价值相关性随着关联销售比重增加而显著地表现为一种倒U型的非线性关系。结合实证结果,本文尝试分析其中的原因。In this paper we investigate effect of the related party transactions on the informativeness of accounting earnings, which is represented by the regression coefficients of market returns to accounting earnings. Our theoretical analysis predicts that there is a reverse U sharp relationship between the proportion of related party sales and the informativeness of accounting earnings. This prediction is confirmed by our empirical tests, which are based on 2001 database of our public companies.

关 键 词：关联交易 会计盈余 价值相关性 企业财务管理 经营模式 监督机制 

分 类 号：F230[经济管理—会计学]