关联交易利益流向与中国上市公司盈余质量  

The Interest Flow Direction of Transactions between Related parties and the Earning Quality of China' s Listed Companies

作　　者：佟岩[1] 程小可[2] 

机构地区：[1]北京理工大学管理与经济学院 [2]北京化工大学经济管理学院

出　　处：《管理世界》2007年第11期127-138,共12页Journal of Management World

基　　金：国家自然科学基金资助项目(70372065:"上市公司盈余质量研究"和70572096:"中国上市公司控制权转移的利益流动")的阶段性成果

摘　　要：在考虑关联交易利益流动方向的基础上,本文将全部样本划分为仅发生掏空性的关联交易、仅发生支持性的关联交易、同时发生掏空和支持性的关联交易、无法识别利益流向四组。当控股股东持股比例较低时,偏好使用关联交易获取私有收益,此时掏空性的关联交易显著降低了盈余质量,支持和同时发生两种流向的关联交易虽然也有降低盈余质量的倾向但统计上并不显著。当控股股东持股比例较高时,偏好使用关联交易获取共享收益,此时支持和同时进行两种利益流向的关联交易提高了盈余质量,掏空在这种情况下依然体现出降低盈余质量的可能。On the basis of the consideration of the flow direction of the interests of related- party transactions (RPT), we have divided our samples of these transactions into four groups: tunneling only (T), propping only (P), both tun- neling and propping (B), unable to discern (U). When the ratio of controlling shareholders' shareholdings is low, controlling shareholders prefer private benefits created by RPT, thus the RPT of the type of T noticeably lowering the quality of earnings. Both P and B also have the tendency towards lowering the quality of earnings, but not significantly. When the ratio of controlling shareholders' shareholdings is high, they prefer shared benefits creat- ed by RPT, thus, the RPT of the types of P and B improving the quality of earnings, and it being possible for the type of T to lower the quality of earnings.

关 键 词：关联交易 利益流向 盈余质量 控股股东 

分 类 号：F276.6[经济管理—企业管理]