摘要
文章首先通过描述性分析发现关联交易在上市公司中是一种非常普遍的现象,接着对关联交易与公司价值之间的关系进行检验发现:与控股股东、兄弟企业的关联交易会侵占上市公司的资源,导致公司价值的下降,支持利益冲突假设;而与下属企业间的交易则会为上市公司输入资源,提升公司的价值,支持有效交易假设。
Related party transactions became one of the focuses concerned raised by Enron＇s financal scandial. What is effect to the listed companies with related party transactions？ In this paper, first,we find RPTs are wide spread to the listed companies through descriptive analysis. Then,after examining the relationship between RPTs and firm value,we find that RPTs with control shareholders or brotherhood companies misappropriate the resources of the listed companies,and be detrimental to firm value,which supports the conflict of interest hypothesis; and that RPTs with subsidiary companies transfer the resources to the listed companies will be helpful to firm value and supports the efficient transactions hypothesis.
出处
《上海立信会计学院学报》
2005年第6期32-38,共7页
Journal of Shanghai Lixin University of Commerce
关键词
关联交易
公司价值
利益冲突
有效交易
related party transactions
firm value
related party relationship
the conflict of interest
the efficient transactions
