股权制衡对关联交易和关联销售的持续性影响  

The Effect of Counter-balance towards the Largest Shareholder on the Amount of Related Party Transactions and the Consistence of Related Party Sales

作　　者：洪剑峭[1] 薛皓[1] 

机构地区：[1]复旦大学管理学院会计系

出　　处：《南开管理评论》2008年第1期24-30,共7页Nankai Business Review

基　　金：国家自然科学基金项目(70472019)资助

摘　　要：本文专注于企业经常发生的四种关联交易:关联销售、采购、提供及接受劳务,研究公司治理的重要特征——对第一大股东的股权制衡——对此类关联交易发生的规模,以及关联销售收入持续性的影响。根据中国沪、深两市制造业A股2002-2004年报披露的10大股东以及一致行动人信息,作者调整计算前两大股东集团的控股比例,并且将第二大股东集团持股超过一定比例的公司定义为具有股权制衡的公司。研究结果表明存在股权制衡的企业关联交易规模比较小,此外,利用年报附录中披露的关联交易详细信息,本文将关联交易区分为与第一大股东集团发生的以及与其他关联方发生的关联交易,发现股权制衡对关联交易规模的抑制作用仅仅是由于与第一大股东集团之间的关联交易减少所导致的,与其他关联方的交易规模并不受股权制衡的影响。最后,文章还将公司的销售分为两部分:与关联方进行的销售以及与非关联方的销售,研究股权制衡对各自持续性的影响,结果发现股权制衡可以提高关联销售的持续性,具有股权制衡公司发生的关联交易体现出更强的持续性。Focusing on four kinds of frequently occurred related party transactions, which include related party sales, related party purchase, offering service to and receiving service from related party, this paper examines two influence of counter-balance towards the largest shareholder, an important measurement of corporate governance, on such related party transactions. First, the effect of counterbalance towards the largest shareholder on the amount of related party transactions, Second, the effect of counter-balance on the consistence of related party sales. Basing on the largest 10 shareholders and concerted action people information disclosed by Chinese listed A-share manufacturing companies in annual report from 2002 to 2004, we adjust to get the largest 2 shareholder groups, compute their holding percentage, and then define companies whose adjusted second largest shareholder group owns more than specific percent shares as compa- nies with counter-balance towards the largest shareholder. The evidence indicates that the companies with counter-balance towards the largest shareholder tend to have smaller amount of related party transactions, not only in absolute amount but also in relative amount that is defined as absolute amount divided by beginning total assets, Besides, using the related party transaction details disclosed in the appendix of annual report, the paper distinguishes the related party transactions traded with the largest shareholder group from the transactions traded with other related parties. The evidence finds out that the restriction effect of counter-balance on the amount of related party transactions is caused only by the decrease of transactions traded with the largest shareholder group, but not influenced by transactions traded with other related parties. Finally, this paper divides company＇s sales into two parts： sales with related parties and with non-related parties, and examines the effect of counter-balance on the consistence of both parts, The results indicate that counter-balance t

关 键 词：关联交易 一致行动人 第一大股东集团 股权制衡 关联销售持续性 

分 类 号：F276.6[经济管理—企业管理] F832.51[经济管理—国民经济]