“双刃剑”的哪一面：关联交易如何影响公司价值  

Which Side of the Double-edged Sword:How Related Party Transactions Affect Firm Value

作　　者：魏志华[1] 赵悦如[1] 吴育辉[2] Wei Zhihua Zhao Yueru Wu Yuhui

机构地区：[1]厦门大学经济学院财政系福建省厦门市思明南路422号,361005 [2]厦门大学管理学院福建省厦门市思明南路422号,361005

出　　处：《世界经济》2017年第1期142-167,共26页The Journal of World Economy

基　　金：国家自然科学基金项目(71572165、71102058、71372072、71672157);福建省自然科学基金项目(2016J01339);福建省高校杰出青年科研人才培育计划的资助

摘　　要：本文以2005-2013年中国沪深两市2072家上市公司为样本,基于避税、构建内部资本市场、大股东"掏空"以及盈余管理四个视角系统考察了关联交易对公司价值的影响及其作用机制。研究结果显示,关联交易显著提升了公司价值。究其原因在于,关联交易虽然被用于真实活动盈余管理,但关联交易也同时发挥了避税、构建内部资本市场以缓解融资约束以及获取大股东"支持"的作用,综合来看对公司价值产生了积极影响。进一步研究表明,上市公司关联交易对公司价值的影响及其作用机制随外部环境(监管强度与市场化程度)、内部治理(产权性质与公司治理水平)以及关联交易性质(正常关联交易和超额关联交易)的不同而存在显著差异。Using a sample of 2072 listed companies from Shanghai and Shenzhen Stock Exchange markets during the period of 2004-2013, this paper systematically tests the impacts and the mechanism of related party transactions （ hereinafter referred to as RPTs） on firm value from the perspectives of tax avoid- ance, building internal capital market, tunneling by majority shareholders and earnings management. The empirical results indicate that RPTs significantly enhance firm value. This is due to the fact that in China, although used for real earnings management, RPTs play a more prominent role in tax avoidance, building internal capital market to alleviate financing constraints, and getting support from large shareholders. As a result, RPTs still have positive impacts on firm value. Further analysis shows that these impacts, as well as the relevant mechanism, significantly varies according to external environments （i. e. , supervision strength and marketization progresses）, internal environments （ i. e. , the nature of property fight and corporate gov- ernance levels） and the types of RPTs （i. e. , the normal and the abnormal ones）.

关 键 词：关联交易 公司价值 经济后果 作用机制 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]