我国上市公司关联交易规则、交易特征及影响因素研究

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浙江财经学院硕士学位论文

摘要

关联交易是当今世界范围内上市公司之间的普遍现象，关联交易已经成为当

今我国上市公司经营活动的重要组成部分。关联交易是一把“双刃剑”。关联交易

既有节约资源、提高效率积极的一面，又有盈余管理、操纵利润、损害中小股东

利益消极的一面。关联交易，尤其是非公平关联交易严重损害了证券市场的“公

开、公平、公正”的市场原则，不利于证券市场的健康发展；削弱了上市公司参

与市场竞争的能力；严重损害了国家及中小股东的利益；造成了国家税收流失。

如何有效得规范我国上市公司关联交易行为，降低通过关联交易进行盈余管理的

水平，最大程度地保护广大投资者的利益具有深远的社会意义和经济利益。

对关联交易的监管主要是通过要求上市公司进行信息披露的方式实现的，而

我国上市公司的直接监管机构是证监会和证交所，其执法的最主要依据是上市规

则。本文在充分吸收借鉴国内外有价值的研究成果的基础上，对各个部门关于关

联方和关联方交易的概念作了详细的阐述和对比。然后认真分析了我国上市公司

关联交易的产生背景和历史、上市公司关联交易的动因，评价了关联交易监管的

规则，对上市规则与关联方交易结构类型之间的逻辑关系进行了梳理。

本文抽取在上海证券交易所的八个主要行业的八十家上市公司 2007-2009 三

年的财务报告所披露的关联方交易进行了研究，总结出了上市公司进行关联交易

所采取的手段，即关联方交易的主要结构类型，并将其作为本文的主要研究对象。

本文研究发现：资产的规模对关联方交易总额不具有明显的相关性，但是其对购

销业务和提供接受劳务关联方交易金额与提供资金和担保业务关联交易金额具有

正的相关性；上一年度净资产收益率对上市公司关联交易总额不具有显著的相关

性。但是其相关系数为负，说明其与上市公司关联交易总额具有一定程度上的负

相关，即使这种相关性不是很显著；上一年度净利润对上市公司关联交易总额具

有显著的正相关的关系。第一大股东控股比例对上市公司关联交易总额、购销业

务和提供接受劳务关联方交易金额、提供资金和担保业务关联方交易金额不具有

显著的相关性。其相关系数有正有负，说明第一大股东比例对对上市公司关联交

易总额、购销业务和提供接受劳务关联方交易金额、提供资金和担保业务关联方

交易金额的影响比较随意，可根据自己的需要随意调控，其对关联交易的影响仍

存在，即使不具有显著的相关性。

本文根据研究结论提出了相关的政策建议：鼓励集团公司整体上市，减少关

联交易；建立多部门，多层次的监管体系，对关联方及其交易加强监管；进一步

完善关联交易信息披露制度；要区分传统的和非传统的关联交易方式；要加强中

介机构的管理，加强会计师事务所的审计力度。

浙江财经学院硕士学位论文

关键词：关联方交易；交易特征；上市规则；影响因素

浙江财经学院硕士学位论文

ABSTRACT

The related party transaction is a universal phenomenon among the world-wide

listed companies, which has become an important constituent part of the operating

activities of China’s listed companies nowadays. The related party transaction is a

double-edged sword, the reason is that it is positive for saving resource, and increasing

efficiency, meanwhile, it is negative for earnings management, manipulating the profits

and damaging the interests of minority shareholders. The related party transaction,

especially the unfair related party transaction has severely damaged the market principle

( ie. Open, fair and just) in the securities market, which goes against a healthy

development for the securities market; weakens the competence of the listed companies

on participating the market competition; damages the interests of the nation and the

minority shareholders; sparks the losing of the national tax. A profound social meaning

and economic interest will be emerged through standardizing the related party

transaction of China’s listed companies effectively, lowing the level of earning

management by the related party transaction, and safeguarding the investors’ interests in

maximal degree.

The supervision on the related party transaction is achieved by the information

disclosure of the listed companies, and the direct supervision agent of China’s listed

companies is China Securities Regulatory Commission (CSRC) and the stock exchange,

which exercise authorities by the listing rules. Based on fully drawing lessons from the

valuable research production both at home and abroad, the specific elaboration and

comparison on the concepts of related party and the related party transaction is

delivered in the paper, subsequently, the background and the history of the related party

transaction of China’s listed companies as well as the motivation is analyzed; the

supervision rules of the related party transaction is evaluated, moreover, the logical

relation between the listing rules and the structure types of the related party transaction

is cleared up.

The related party transaction released from 2007-2009 financial reports of eighty

companies selected in Shanghai Stock Exchange is analyzed, which are selected from

eight major industries, the adopted means of related party transaction in the listed

companies, that is, the main structure type of the related party transaction is summarized,

浙江财经学院硕士学位论文

which is taken as the main object of study in the paper. It is released through the

research in the paper that, the asset scales does not have a transparent correlation with

the amount of the related party transaction, however, it has a positive correlation with

the sales business, the transaction amount of the related parties providing labor service,

and the transaction amount of the related party providing labor service, and the

transaction amount of the related party providing capital and guarantee service. The

return on net asset last year does not have a remarkable correlation with the amount of

the related party transaction in listed companies. However, if the relevant coefficient of

correlation is minus, it suggests that the return on net assets has a negative correlation in

certain degree with the amount of the related transaction in the listed companies,

regardless of an unremarkable correlation; the past-year net profits has a remarkable

positive correlation with the amount of the related transaction in the listed companies.

The controlling shareholding of the first shareholder does not have a remarkable

correlation with the amount of related party transaction in the listed companies, the

purchasing and sales business, the transaction amount of the related party providing

labor service, and the transaction amount of the related party providing capital and

guarantee business. the coexisting positive and negative coefficient suggests that the

controlling shareholding of the first shareholder has a casual influence on the amount of

the related party transaction in the listed companies, the purchasing and selling business,

the transaction amount of the related party providing labor services, the transaction

amount of the related party providing capital and guarantee business, which an casually

regulate and control in line with demanding, however, it still impacts on the related

transaction, regardless of unremarkable correlation.

The relevant policies and suggestions are provided in accordance with the study

conclusion, that is, encouraging the holistic listing of the group companies so as to

reduce the related party transaction; establish the supervision system with multi-sectors

and multi-layers to strengthen supervision on the related party and its transaction;

further improve the information disclosure system related party transaction; distinguish

the traditional and the non-traditional related party transaction manners; strengthen the

management on intermediary organization and the audit of the accounting firm.

Keywords: Related party transaction；Transaction features；Listing rules；Influencing

factor

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摘要：

浙江财经学院硕士学位论文5摘要关联交易是当今世界范围内上市公司之间的普遍现象，关联交易已经成为当今我国上市公司经营活动的重要组成部分。关联交易是一把“双刃剑”。关联交易既有节约资源、提高效率积极的一面，又有盈余管理、操纵利润、损害中小股东利益消极的一面。关联交易，尤其是非公平关联交易严重损害了证券市场的“公开、公平、公正”的市场原则，不利于证券市场的健康发展；削弱了上市公司参与市场竞争的能力；严重损害了国家及中小股东的利益；造成了国家税收流失。如何有效得规范我国上市公司关联交易行为，降低通过关联交易进行盈余管理的水平，最大程度地保护广大投资者的利益具有深远的社会意义和经济利益。对关联交易的监管...

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