关联交易对上市公司盈余质量的影响分析——基于沪市A股上市公司的经验研究

随着国内资本市场的发展，关联交易的规模也在不断扩大，表现出交易频率高、涉及金额大的特点。关联交易具有正反两面的效应，即既可以降低交易成本、提高经营效率，又可以成为上市公司盈余管理的手段。本文主要从盈余动机的角度出发，以近三年沪市A股上市公司为研究样本，研究结果表明，我国上市公司的关联交易规模呈逐年上升趋势，且存在明显配股动机。关联交易会对盈余质量产生显著影响，且这种影响随关联交易规模的扩大表现出先上升后下降的的趋势。

The Analysis of the Effect of Related-Party Transactions on Listed Company Earnings Quality The Empirical Research Based On the Shanghai A-Share Listed Companies

Related party transactions have both positive and negative effects, which can either reduce transaction costs and improve operational efficiency, or become a means of earnings management of listed companies.From the perspective of earnings motivation, this paper makes Shanghai A-share listed companies in the last three years as samples to analyze trends and characteristics of related party transactions.We find that the connected transactions of listed companies were increasing the size and had obvious motivation in allotment. Related party transactions have a significant effect on earnings quality, which follows the expansion of trade to increase and then decrease.