关联交易对企业价值的影响——基于中国上市公司的实证研究

关联交易可以降低交易成本和交易风险，提高企业价值，但也可能成为控股股东对上市公司或中小股东进行利益侵占的手段，对企业价值造成负面影响。通过实证分析的方法检验我国A股上市公司关联交易对企业价值的影响，结果显示，在全部关联交易类型中，购买商品、销售商品、资产重组、提供或接受劳务、担保抵押、许可协议、其他计入收入方的交易这7类对企业价值具有负面影响，且关联交易总体的发生也降低了企业价值。为抑制非公允关联交易的发生，建议优化上市公司的股权结构、完善独立董事和监事会制度、完善关联交易的信息披露制度等。

The Impact of Related Party Transactions on Firm Value: An Evidence from Chinese Listed Firms

Related party transactions can reduce transaction cost and risk,and enhance finn value.However,control- ling shareholders may take advantage of related party transactions to expropriate the firms' resources,thus related party transactions have a negative impact on firm value.Using a sample of Chinese listed firms from 2002 to 2005,we gen- erally find that finn value is negatively associated with the number and amount of related party transactions;additional- ly,we find finn value is significantly negatively related to the amount of these seven types of related party transactions, goods sales,goods purchases,service supplying and receiving,asset restmcturing,guarantees and mortgages,license treaty and the transactions counted as income.To regulate the unfair related party transactions,we put forward some suggestions on optimizing the ownership structure,perfecting the system of independent director and supervisory board, improving the information disclosure system and so on.