發(fā)布時(shí)間：2017-12-31 07:14

  本文關(guān)鍵詞：上市公司關(guān)聯(lián)交易與財(cái)務(wù)危機(jī)的實(shí)證研究　出處：《西南財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 關(guān)聯(lián)交易 財(cái)務(wù)危機(jī) 公司治理

【摘要】：現(xiàn)代企業(yè)制度要求建立所有權(quán)與經(jīng)營(yíng)權(quán)高度分離的法人治理機(jī)制,在此背景下,代表所有權(quán)的股東與代表經(jīng)營(yíng)權(quán)的管理層進(jìn)行了漫長(zhǎng)的博弈過(guò)程,并呈現(xiàn)一片欣欣向榮的景象。關(guān)聯(lián)交易便在此時(shí)成為管理層用于與股東進(jìn)行博弈的重要途徑和手段,并且隨著博弈內(nèi)容的不斷翻新而涌現(xiàn)出多種多樣的關(guān)聯(lián)交易形式。 關(guān)聯(lián)交易是一種普遍存在的現(xiàn)象,屬于中性經(jīng)濟(jì)范疇,是伴隨著跨國(guó)公司、母子公司制的廣泛運(yùn)用而實(shí)現(xiàn)的。之所以說(shuō)關(guān)聯(lián)交易是屬于中性的范疇,是因?yàn)槿绻�企業(yè)在公開(kāi)、公平、公正的原則下實(shí)施,則可以有效減少企業(yè)之間的交易成本,包括搜尋成本、談判成本等,有利于上市公司充分調(diào)配利用內(nèi)部的市場(chǎng)資源,使?fàn)I運(yùn)效率得以提高,是市場(chǎng)經(jīng)濟(jì)中不可避免的正常行為。另一方面,如果上市公司利用關(guān)聯(lián)交易來(lái)調(diào)整公開(kāi)報(bào)表中的盈余信息,降低會(huì)計(jì)報(bào)表的真實(shí)性,降低報(bào)表信息披露的可信性,那么可能會(huì)侵害公司中小股東或其他利害關(guān)系人的合法權(quán)益。所以,規(guī)范我國(guó)上市公司關(guān)聯(lián)交易行為,要求上市公司在進(jìn)行關(guān)聯(lián)交易業(yè)務(wù)時(shí)做到公開(kāi)、公平和公正,給廣大投資者及債權(quán)人提供有價(jià)值的投資決策信息,具有深遠(yuǎn)的社會(huì)意義和經(jīng)濟(jì)意義。 關(guān)聯(lián)交易對(duì)上市公司的健康發(fā)展具有非常重要的影響。目前,我國(guó)證券市場(chǎng)起步較晚,雖然發(fā)展迅速,但我國(guó)評(píng)估和審計(jì)等中介機(jī)構(gòu)尚不健全,而關(guān)聯(lián)交易的最大特點(diǎn)是價(jià)格可由雙方協(xié)商決定,那么通過(guò)調(diào)控關(guān)聯(lián)交易條件可以使某些利益集團(tuán)及個(gè)人獲得巨大利益。這種現(xiàn)象的發(fā)生,必然會(huì)損害有關(guān)公司的股東和債權(quán)人利益,也是對(duì)證券市場(chǎng)健康發(fā)展的嚴(yán)重阻礙。近年來(lái),隨著對(duì)關(guān)聯(lián)交易研究的不斷深入,政府監(jiān)管部門(mén)已經(jīng)開(kāi)始高度重視對(duì)關(guān)聯(lián)交易行為的規(guī)范約束和引導(dǎo)。財(cái)政部、中國(guó)證監(jiān)會(huì)以及滬深證券交易所均已相繼出臺(tái)一系列措施,從各個(gè)方面加強(qiáng)對(duì)關(guān)聯(lián)交易的監(jiān)管。 就我國(guó)實(shí)際情況而言,由于證券市場(chǎng)發(fā)展還不夠完善,上市公司治理還不夠健全,各種各樣的關(guān)聯(lián)交易行為層出不窮。經(jīng)過(guò)二十年的發(fā)展,雖然相關(guān)管理部門(mén)在市場(chǎng)建設(shè)初期就開(kāi)始重視關(guān)聯(lián)交易的影響,并先后頒布了《關(guān)聯(lián)方之間出售資產(chǎn)等有關(guān)會(huì)計(jì)處理問(wèn)題暫行規(guī)定》、《企業(yè)會(huì)計(jì)準(zhǔn)則第36號(hào)-關(guān)聯(lián)方交易披露》等一系列相關(guān)法律法規(guī),我國(guó)關(guān)聯(lián)交易的法律法規(guī)逐漸完善,能更好地在明確關(guān)聯(lián)方關(guān)系、促進(jìn)關(guān)聯(lián)交易公允定價(jià)、完善關(guān)聯(lián)交易發(fā)生程序及提高關(guān)聯(lián)交易信息披露質(zhì)量,但是由于上市公司治理存在著先天不足之處,關(guān)聯(lián)交易現(xiàn)象仍然較為普遍且難以避免。通過(guò)比較國(guó)外關(guān)聯(lián)交易規(guī)制,我們發(fā)現(xiàn),我國(guó)對(duì)關(guān)聯(lián)交易規(guī)制的立法層次低、法律效力低,責(zé)任追究制度不完善,存在諸多法律沖突,同時(shí),信息披露制度仍需改進(jìn)。 在關(guān)聯(lián)交易中,從交易的方向看,分為“輸入型”和“輸出型”�！拜斎胄汀标P(guān)聯(lián)交易,上市公司處于賣(mài)方的位置,指公司取得上市資格或?yàn)榱吮３峙涔少Y格,避免被摘牌的一種手段,通過(guò)由集團(tuán)公司向上市公司轉(zhuǎn)移利潤(rùn),在短期內(nèi)人為提升公司經(jīng)營(yíng)業(yè)績(jī)�！拜敵鲂汀标P(guān)聯(lián)交易則與“輸入型”關(guān)聯(lián)交易相反,上市公司作為買(mǎi)方,指集團(tuán)公司利用控股地位,通過(guò)關(guān)聯(lián)交易行為占用上市公司資源,將其上市公司的利潤(rùn)轉(zhuǎn)移至集團(tuán)公司或其他企業(yè)。上市公司利用集團(tuán)公司利益輸入讓公司獲得資金,公司的價(jià)值暫時(shí)得以增加,從而在一定程度上暫時(shí)緩解公司的財(cái)務(wù)狀況,而上市公司向集團(tuán)公司進(jìn)行的關(guān)聯(lián)交易利益輸出行為則直接減少公司價(jià)值,產(chǎn)生巨大的財(cái)務(wù)風(fēng)險(xiǎn),甚至發(fā)生財(cái)務(wù)危機(jī)。上市公司在關(guān)聯(lián)交易中既可能作為買(mǎi)方,也可能作為賣(mài)方,上市公司關(guān)聯(lián)交易既能夠改善公司財(cái)務(wù)狀況,也可以惡化上市公司經(jīng)營(yíng)成果。通過(guò)對(duì)近幾年來(lái)各種類(lèi)型關(guān)聯(lián)交易行為的分析,不難發(fā)現(xiàn)作為買(mǎi)方的交易占整個(gè)關(guān)聯(lián)交易金額的90%以上。因此,本文主要研究利益輸出關(guān)聯(lián)交易行為對(duì)財(cái)務(wù)危機(jī)的影響。而通過(guò)對(duì)各種類(lèi)型關(guān)聯(lián)交易行為對(duì)財(cái)務(wù)指數(shù)的影響分析,關(guān)聯(lián)交易行為的發(fā)生與財(cái)務(wù)危機(jī)之間有著密不可分的聯(lián)系：筆者認(rèn)為,上市公司為了掩飾財(cái)務(wù)波動(dòng)、為避免虧損或連續(xù)三年虧損導(dǎo)致財(cái)務(wù)危機(jī)進(jìn)行盈余管理是關(guān)聯(lián)交易出現(xiàn)的誘因,而關(guān)聯(lián)交易加速了財(cái)務(wù)危機(jī)的深化。關(guān)聯(lián)交易加速財(cái)務(wù)危機(jī)深化的根本原因在于,上市公司進(jìn)行的各種類(lèi)型關(guān)聯(lián)交易行為均可以加深財(cái)務(wù)風(fēng)險(xiǎn),制造財(cái)務(wù)危機(jī)。 上市公司存在的目的和價(jià)值就是以其所掌握的經(jīng)濟(jì)資源去創(chuàng)造更大的經(jīng)濟(jì)財(cái)富,實(shí)現(xiàn)其資產(chǎn)的不斷增值。但是,企業(yè)經(jīng)營(yíng)過(guò)程中的存在諸多不可預(yù)料的復(fù)雜因素,企業(yè)治理對(duì)經(jīng)營(yíng)管理者本身的業(yè)務(wù)素質(zhì)和管理經(jīng)驗(yàn)具有較高的要求,這一系列因素均可能使企業(yè)產(chǎn)生財(cái)務(wù)風(fēng)險(xiǎn),甚至出現(xiàn)財(cái)務(wù)危機(jī)。因此,如何有效防范、抵御財(cái)務(wù)風(fēng)險(xiǎn),提前防范財(cái)務(wù)危機(jī)的出現(xiàn),使企業(yè)更好地追求創(chuàng)新與發(fā)展已是財(cái)務(wù)管理需要迫切進(jìn)行研究和解決的重要問(wèn)題。 本文研究的目的旨在研究上市公司關(guān)聯(lián)交易行為及其對(duì)財(cái)務(wù)危機(jī)發(fā)生概率的影響,進(jìn)一步分析多種關(guān)聯(lián)交易方式是否加速了財(cái)務(wù)危機(jī)的發(fā)生,希望借此對(duì)規(guī)范資本市場(chǎng)、保護(hù)投資者利益、優(yōu)化企業(yè)集團(tuán)公司治理、促進(jìn)上市公司健康發(fā)展等方面有一定的理論和實(shí)踐意義。 本文共分為以下五個(gè)部分,各部分主要內(nèi)容如下： 第一章：導(dǎo)論。簡(jiǎn)明闡述論文背景及研究意義、研究主要內(nèi)容、思路及框架、本文的創(chuàng)新點(diǎn)等。對(duì)上市公司關(guān)聯(lián)交易行為對(duì)財(cái)務(wù)危機(jī)的影響進(jìn)行初步分析,并盡量結(jié)合我國(guó)的特殊國(guó)情,在我國(guó)上市公司的治理結(jié)構(gòu)具有特殊的制度背景的情況下,進(jìn)行特殊考慮和仔細(xì)研究。 第二章：文獻(xiàn)綜述。本章將首先闡釋與研究相關(guān)的若干個(gè)關(guān)鍵概念,之后分別對(duì)上市公司關(guān)聯(lián)交易行為、財(cái)務(wù)危機(jī)的基本理論和相關(guān)文獻(xiàn)進(jìn)行了評(píng)述,最后將對(duì)近十年來(lái)與關(guān)聯(lián)交易相關(guān)的諸多學(xué)術(shù)觀點(diǎn)進(jìn)行詳細(xì)地列舉和分析,試圖從已有的結(jié)論中進(jìn)一步尋找到能夠支持本文寫(xiě)作的思路和方法。本文也將上市公司關(guān)聯(lián)交易行為分類(lèi)：關(guān)聯(lián)購(gòu)買(mǎi)、關(guān)聯(lián)擔(dān)保抵押、關(guān)聯(lián)資金拆借與資產(chǎn)交易、關(guān)聯(lián)股權(quán)債權(quán)交易與其他。本文將主要分析后三類(lèi)交易行為對(duì)上市公司財(cái)務(wù)危機(jī)的影響。在此基礎(chǔ)上,研究上市公司關(guān)聯(lián)交易行為與財(cái)務(wù)危機(jī)兩者之間的聯(lián)系,闡明本文進(jìn)行實(shí)證研究的理論依據(jù)是什么等,為論文下一步進(jìn)行實(shí)證研究奠定了文獻(xiàn)基礎(chǔ)。 第三章：理論基礎(chǔ)。本章將對(duì)有關(guān)上市公司關(guān)聯(lián)交易行為產(chǎn)生和發(fā)展的相關(guān)理論基礎(chǔ)進(jìn)行闡述,以及關(guān)聯(lián)交易行為與財(cái)務(wù)危機(jī)的相互作用關(guān)系進(jìn)行分析,為論文下一步進(jìn)行實(shí)證研究奠定了理論基礎(chǔ)。 第四章：描述性統(tǒng)計(jì)與實(shí)證研究。本章提出本文的研究假設(shè),闡明如何選擇變量和樣本數(shù)據(jù),以及構(gòu)建的實(shí)證模型。選取我國(guó)A股上市企業(yè)的相關(guān)數(shù)據(jù)為研究樣本,設(shè)計(jì)出被解釋變量與解釋變量的研究模型。通過(guò)樣本選擇、研究設(shè)計(jì)模型、利用優(yōu)化處理后的數(shù)據(jù)對(duì)上市公司關(guān)聯(lián)交易行為對(duì)財(cái)務(wù)危機(jī)的影響進(jìn)行實(shí)證研究,并對(duì)回歸結(jié)果進(jìn)行分析,尋找到能夠支持本文假設(shè)的答案。 第五章：研究結(jié)論及建議。根據(jù)以上幾章的實(shí)證檢驗(yàn)和數(shù)據(jù)分析,本文將在最后一章提出研究結(jié)論：利益輸出型關(guān)聯(lián)交易行為的存在加大了財(cái)務(wù)危機(jī)發(fā)生的可能性；上市公司提供的擔(dān)保業(yè)務(wù)金額占總資產(chǎn)的比例越高,資金拆借與資產(chǎn)交易業(yè)務(wù)越頻繁,進(jìn)行債權(quán)、股權(quán)轉(zhuǎn)讓的金額越大,越有可能使上市公司陷入財(cái)務(wù)危機(jī)。 本文對(duì)上市公司關(guān)聯(lián)交易、財(cái)務(wù)危機(jī)之間的關(guān)系進(jìn)行了全面的分析,研究突顯了以下創(chuàng)新：(1)通過(guò)文獻(xiàn)回顧與分析發(fā)現(xiàn),以往對(duì)上市公司關(guān)聯(lián)交易的研究對(duì)其與財(cái)務(wù)危機(jī)的關(guān)系領(lǐng)域涉足較少。本文在對(duì)現(xiàn)實(shí)經(jīng)濟(jì)現(xiàn)象的觀察與分析后發(fā)現(xiàn),兩者之間確有因果相關(guān)的作用機(jī)理存在,因此將這兩個(gè)研究問(wèn)題結(jié)合起來(lái),形成獨(dú)特的視角。(2)對(duì)于關(guān)聯(lián)交易問(wèn)題的研究,以往僅限于籠統(tǒng)的概念界定,并沒(méi)有擴(kuò)展至關(guān)聯(lián)交易的內(nèi)涵。本文將關(guān)聯(lián)交易進(jìn)行了進(jìn)一步區(qū)分,并把研究目光聚焦于關(guān)聯(lián)交易的三種主要交易類(lèi)型上,這在以前的研究中未曾出現(xiàn)。這種分類(lèi)為研究的進(jìn)一步進(jìn)行提供基礎(chǔ)。(3)本文選擇在2010年所有A股市場(chǎng)中,因財(cái)務(wù)業(yè)績(jī)方面原因被證交所特別處理(被ST)的上市公司作為財(cái)務(wù)危機(jī)企業(yè)樣本,另選取財(cái)務(wù)正常組的上市公司作為比較樣本。在研究過(guò)程中,本文剔除了數(shù)據(jù)不全的公司,其中為了防止無(wú)財(cái)務(wù)危機(jī)的公司太多,從而沖淡樣本數(shù)據(jù),導(dǎo)致實(shí)證研究結(jié)果的偏差,本文采用了配對(duì)樣本的形式。另外,由于上市公司被ST處理必須是上市公司經(jīng)審計(jì)連續(xù)兩個(gè)會(huì)計(jì)年度的凈利潤(rùn)均為負(fù)值,因此本文還對(duì)2007、2008、2009年公司的情況進(jìn)行了研究,以求更為詳細(xì)透徹的研究關(guān)聯(lián)交易對(duì)財(cái)務(wù)危機(jī)的影響。 本文研究中存在許多不足：第一、由于數(shù)據(jù)獲取方面的困難,利用手工收集的過(guò)程中就難免存在誤差；同時(shí)本文的研究窗口只涉及2007、2008、2009年,研究時(shí)期較短,可能導(dǎo)致模型預(yù)測(cè)存在一定程度誤差；第二、本文選取被“ST”的上市公司作為樣本對(duì)象,樣本容量偏�。坏谌�、本研究是選取了財(cái)務(wù)指標(biāo)作為建立模型的指標(biāo),沒(méi)有考慮非財(cái)務(wù)因素,容易造成預(yù)測(cè)的片面性等。
[Abstract]:The modern enterprise system requires the establishment of the corporate governance mechanism with high separation of ownership and business right . Under this background , the shareholder representing the ownership carries out a lengthy game process with the management layer representing the management right , and presents a thriving scene . The related transaction becomes an important way and means for management to play the game with the shareholders at this time . The related transaction is a common phenomenon , and belongs to the category of neutral economy . It is realized by the extensive application of transnational corporation and parent company . It is said that if the company is implemented under the principle of openness , fairness and justice , it is beneficial to reduce transaction cost between enterprises , including search cost , negotiation cost and so on . Therefore , if the listed company uses related transaction to adjust surplus information in public statement , reduce the authenticity of accounting statement and reduce the credibility of the disclosure of report information , it may infringe upon the interests of small shareholders or other interested parties in the company . In recent years , with the deepening of the research on the related transactions , the government regulators have begun to attach great importance to the regulation and guidance of the related transactions . In recent years , with the deepening of the research on the related transactions , the government regulators have begun to attach great importance to the regulation and guidance of the related transactions . In the case of China ' s actual situation , because the development of the securities market is not perfect , the governance of the listed company is not perfect , and all sorts of related transaction behaviors are not poor . After 20 years of development , the related transaction phenomenon is still more common and difficult to avoid . In the related transaction , the listed company is divided into " input type " and " output type " , " input type " related transaction , the listed company is in the seller ' s position , which means that the company obtains the qualification of listing or to maintain the qualification of the listed company , so as to improve the company ' s operating performance . The listed company can not only improve the company ' s financial position by using the profit input of the company , but also the financial crisis . The listed company can not only improve the company ' s financial situation , but also worsen the financial crisis . The purpose and value of listed companies are to create greater economic wealth with the economic resources they possess , to realize the value - added value of their assets . However , there are many unpredictable and complicated factors in the operation of the enterprise . The purpose of this paper is to study the relation transaction behavior of listed companies and their influence on the probability of occurrence of financial crisis , and further analyze whether multiple affiliated transaction methods have accelerated the occurrence of financial crisis , and hope to have some theoretical and practical significance in regulating capital market , protecting investors ' interests , optimizing corporate group corporate governance and promoting the healthy development of listed companies . This paper is divided into five parts , the main contents of which are as follows : Chapter 1 : Introduction to the background and significance of the thesis , the main content , the thinking and the framework , the innovation point of this paper , etc . The influence of the related transaction behavior on the financial crisis of listed companies is analyzed , and the special circumstances of our country are discussed , and the special consideration and careful study are carried out in the case of the governance structure of the listed company of our country with special system background . Chapter 2 : A review of the literature review . This chapter will first explain several key concepts related to the study , and then summarize and analyze the related transactions of listed companies , the basic theory of financial crisis and the related literatures , and then try to find out the relationship between the related transaction behavior and financial crisis of listed companies . On the basis of this , the paper studies the relationship between the related transaction behavior and financial crisis of listed companies . Chapter Three : Theoretical basis . This chapter expounds the relevant theoretical basis of the generation and development of the related transactions of listed companies , and analyzes the interaction between related transaction behavior and financial crisis , which lays a theoretical foundation for the next step of the paper . Chapter Four : Descriptive Statistics and Empirical Study . This chapter puts forward the research hypothesis of this paper , explains how to select variables and sample data , and constructs the empirical model . Based on the sample selection , the research design model is designed , and the influence of the transaction behavior of listed companies on the financial crisis is studied by means of sample selection , research and design model . The regression results are analyzed , and the answer which can support the hypothesis of this paper is found . Chapter 5 : Research conclusions and suggestions . According to the empirical test and data analysis of the above chapters , this paper puts forward the research conclusion in the last chapter : the existence of benefit - output - related transactions increases the probability of the financial crisis ; the higher the amount of guaranteed business provided by the listed company , the more frequent the fund borrowing and the asset - trading business , the greater the amount of the debt and equity transfer , the more likely the listed company is caught in the financial crisis . This paper makes a comprehensive analysis of the relationship between the affiliated transaction and the financial crisis of the listed companies . The research highlights the following innovations : ( 1 ) The research on the related transactions of the listed companies has been relatively small in the past research . There are many deficiencies in this study : Firstly , due to the difficulty of data acquisition , there is no error in the process of manual collection ; meanwhile , the research windows of this paper only relate to the short period of 2007 , 2008 and 2009 , which may lead to a certain degree of error in the prediction of the model ; secondly , the paper selects the listed company of " ST " as the sample object and has a small sample size ; and thirdly , this study selects the financial index as the index of establishing the model , and has not considered the non - financial factors and easily leads to the predicted one - sidedness and so on .

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51

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