基于效率观和掏空观的关联交易与盈余质量关系研究

目前学术界关于大股东控制下的关联交易对上市公司的影响主要存在"效率促进"和"掏空"两种主流观点。郑国坚等(2007)发现关联交易与上市公司价值之间存在N型关系,表明两种效应在我国同时存在。本文进一步从会计盈余质量的角度检验这两种观点。通过对我国2000-2005年5576家上市公司的实证研究发现,关联交易与会计盈余质量之间是一种直线关系,关联交易程度越高,盈余管理程度越大、价值相关性也越低。这说明,从会计盈余质量的角度看,关联交易主要表现为掏空效应,损害会计盈余质量。

The Relation between Related Party Transactions and Earning Quality from both Perspectives of Eifficiency and Tunneling

On the hot issue of the relationship between business group,, related party transactions of business group and the performance of group members, there exist two competitive theories: value added view and tunneling view. In this paper, we try to test them from a prospect of earning quality. Based on a sample of 5576 firm -year observations in China from 2000 -2005, we find that there are a linear relation between related party transactions with large shareholder and earning quality of listed firms. In general, more related party transactions with large sharebolder are related to worse earning quality(measured by earning management and ERC) . This result is consistent with the "tunneling" hypothesis, which argues that the tuanehng effect dominates efficient effect of related party transactions in most of the cases.