关联购销、价格管制及价值相关性研究——来自我国上市公司的经验证据  

Related party Purchase and Sale,Price Regulation and Value Correlation——Empirical Research Based on the Listed Company in China

作　　者：潘飞[1] 文东华[2] 段军山[3] 

机构地区：[1]上海财经大学会计与财务研究院,上海200433 [2]上海财经大学会计学院,上海200433 [3]广东商学院金融学院,广东广州510520

出　　处：《财经研究》2006年第5期60-69,共10页Journal of Finance and Economics

基　　金：教育部人文社会科学重点研究基地重大课题(05JJD630002)"基于价值管理的管理会计经验研究"的阶段性研究成果

摘　　要：关于关联交易对企业的影响有两种对立的观点：正面观和负面观。文章通过分析关联交易会计管制政策出台前后（1998-2003年）上市公司关联销售比率和利润率指标的变化发现，会计管制通过规定关联交易价格上限能限制企业管理当局利用关联交易进行盈余管理的活动，但这种限制作用是有限的。实证研究表明关联购销业务的增加导致市场负面反应，从而支持了关联交易的负面观。文章还发现股票市场对关联购销业务的反应经历了一个过程。在2001年会计管制政策出台前，股市对于关联购销总量变动没有反应；管制政策出台后，利润率操纵受到抑制，关联购销业务对股价的负面影响得到明显体现。There exist two kinds of opposite view about how related-party transactions influence the company value, efficiency enhancing view and counter-productive view. This article gets some conclusions by analyzing some accounting indices variation in the period before and after the implementation of the related-party transaction accounting regulation policy （1998 -2003）. Empirical research finds that accounting regulations help to weaken managers＇ ability of earning management, but the function is limited. We also find that increased related-party purchase and sale will bring about negative market reaction, which to some extent supports the counterproductive view. In the end, this paper finds out that there was a changing process for the stock market to response to the related-party transactions. Prior to the implementation of the accounting regulating policy, the stock market did not respond to the change of related-party purchase and sale significantly. Since the accounting regulation policy was carried out in 2001, however, price manipulations get restrained; thereby the stock market＇s negative responses toward related-party purchase and sale have been prominent.

关 键 词：关联交易 关联购销 价格管制 盈余反应系数 

分 类 号：F234.2[经济管理—会计学]