所有权结构、关联交易与企业价值——基于我国上市公司的实证研究

Ownership Structure,Related Party Transactions and Firm Value——Empirical Study on Listed Firms of China

通过对2002—2006年期间沪深两市上市公司关联交易的实证研究发现，关联交易显著降低了企业价值，并且第一大股东持股比例、股权制衡、上市公司实际控制人的类型、对上市公司董事的股权激励以及流通股比例是影响我国上市公司关联交易的主要因素。此外还发现，流通股比例与第一大股东持股比例对关联交易具有显著的交互效应。

Through an empirical study on the archival data of listed firms in Shanghai and Shenzhen stock exchanges between 2002 and 2006, the authors corroborate the negative value effect of related party transactions and find that the ownership of the largest shareholder, ownership balancing, identity of controlling shareholders, stock incentives for the board/executives, and the proportion of tradable shares are significantly associated with related party transaction. The authors also find an interaction effect between the proportion of tradable shares and the ownership of the largest shareholder, and its policy implications are also discussed.