异质机构、企业性质与关联交易

基于2007-2009年3618家A股上市公司数据，本文从关联交易密度和关联交易频率两个维度对机构持股、企业性质和关联交易之间的关系进行了实证研究。结果发现：机构持股对企业关联交易的抑制作用并不显著，这种不显著性主要归因于证券投资基金；不同性质的机构对企业关联交易的抑制作用不同，其中证券投资基金对企业关联交易基本不存在抑制作用，而险资和合格的境外机构投资者则相反；企业性质对异质机构和关联交易间的关系有显著的调节作用，民营上市公司中机构投资者的抑制作用要强于国有上市公司。

Heterogeneous Institutional Investors,Firm Ownership and Related Party Transaction

Based on the data of 3618 A-share listed companies through 2007-2009,this study empirically examines the relationship among institutional shareholder,nature of firm and related party transactions(RPT) from two aspects——transaction density and transaction frequency.We find that the restriction of institutional shareholder on RPT is non-significant,which mainly results from mutual funds(MF);that heterogeneous institutional investors have different restriction effect on RPT.Mutual funds basically have no restriction on RPT,while insurance company(IC) and qualified foreign institutional investor(QFII) are the opposite.More importantly,firm ownership plays a significant moderating effect on the relationship between heterogeneous institutional investors and RPT,and the restriction effect in private companies is stronger than that in state-owned companies.