地区市场化进程、市场分割与公司关联交易行为  

Regional Marketization Process,Market Partition and Corporate Related-party Transactions

作　　者：刘凤委[1] 张人骥[1] 崔磊磊[2] 

机构地区：[1]上海国家会计学院教研部,上海201702 [2]上海财经大学会计学院,上海200433

出　　处：《财经研究》2007年第6期43-54,共12页Journal of Finance and Economics

基　　金：国家自然科学基金资助项目(70473055);教育部人文社科重点研究基地重大项目(05JJD630027)

摘　　要：文章以我国制造类行业上市公司为研究样本,考察转轨经济环境下不同地区间市场化发育水平对企业交易方式的影响。研究发现,与资金占用型关联交易显著不同,购销关联交易能显著提高公司绩效;产品和要素市场越不发达、市场化水平越低的地区企业购销类关联交易越多。结论证明,在市场发育不完善制度环境下,关联购销成为企业降低交易成本的有效交易方式,这支持了关联交易具有效率观的思想。文章结论对于理解转轨经济环境下企业特殊交易行为具有重要意义。Based on the empirical data of listed companies in material industry, this paper investigates the relationship between marketization and related-party transactions. We find that corporate related-party transactions are higher in regions with low marketization level. Related-party transactions can reduce the sales expenses, improve corporate accounting performance and increase abnormal returns. This result indicates that related-party transactions lower the transaction costs when a company lies in regions with low marketization level, which supports the thought on the effectiveness of related-party transactions.

关 键 词：市场化进程 市场分割 关联交易 

分 类 号：F234.2[经济管理—会计学]