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关联交易定价与利益输送问题研究
引用本文:李玲,王昊.关联交易定价与利益输送问题研究[J].南方金融,2011(3).
作者姓名:李玲  王昊
作者单位:中国社会科学院世界经济与政治研究所,北京,100732
摘    要:本文以2004-2008年上市公司153起关联固定资产交易为样本,以资产评估中经调整的超额溢价比率作为控股股东对上市公司剥削程度的度量,实证研究了控股股东对上市公司的剥削行为以及关联交易背后的利益输送关系。研究发现:控股股东通过非公允关联交易对上市公司剥削的程度与第一大股东持股比例的关系是倒U型的,与上市公司偿债能力之间存在着显著的正向关系,与上市公司当前经营业绩之间存在较弱的U型关系。上述证据表明控股股东通过制定关联交易价格来进行他们所期望的利益输送。

关 键 词:关联交易  资产评估  超额溢价比率  控股股东  利益输送  

Pricing of Unfair Related Party Transactions and Interest Transfer
Li Ling,Wang Hao.Pricing of Unfair Related Party Transactions and Interest Transfer[J].South China Finance,2011(3).
Authors:Li Ling  Wang Hao
Institution:Li Ling and Wang Hao(IWEP,Chinese Academy of Social Science,Beijing,100732 China)
Abstract:Based on the adjusted abnormal appraisal premium in related fixed asset transactions,this paper establishes a proxy for the degree to which the controlling shareholder expropriates the interests of listed firm through unfair related party transactions.With a sample of 153 related fixed asset transactions in Chinese listed firms from 2004 to 2008,this paper empirically tests the major factors that affect the degree of expropriation.Our major findings include: Firstly,the relation between the degree of exprop...
Keywords:Related Party Transaction  Asset Appraisal  Abnormal Premium  Controlling Shareholder  Interest Transfer  
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