关联交易、公司治理与企业绩效

首先,在分析我国制度环境的基础上,提出了关联交易的两种竞争性观点;然后,以沪深两市制造业上市公司为研究样本,实证考察了关联方对上市公司三种资金占用方式及上市公司绩效的影响,实证结果发现,非正常的资金占用显著影响着上市公司的经营业绩;最后,考虑到公司治理各种机制的相互关联作用,进一步分析了其对上市公司关联交易行为的影响。

Related Party Transactions, Corporate Governance and Performance

Related party transactions of listed companies have always been a hot issue.Based on the institutional environment in China,the authors bring out two contrasting hypotheses of related party transactions,and focus on the effects of three means of capital occupation on corporate performance.The results show that abnormal capital occupation has significant negative influence on corporate performance.Finally,concerning to the interplay between corporate governance mechanisms,the paper explores their effects on related party transactions.