关联交易违规上市公司特征分析

An Analysis of Characteristics of Listed Companies Disobeying Related-Party-Transaction Regulations

对违规关联交易的事后处罚机制是政府对关联交易进行监管的一个重要方面,研究违规关联交易企业的特征可为政府监管和投资者决策提供科学支持。文章以2001-2010年我国上市公司关联交易违规事项为研究对象,基于财务和公司治理的视角,选取了7个财务指标和13个公司治理指标进行研究,利用因子分析法提炼出的4个财务因子和6个公司治理因子进一步做logistic回归分析,结果表明,关联交易违规企业具有区别于其他企业的显著特征。

The punishment for Listed Companies Disobeying Related-Party-Transaction Regulations is important for government regulation of related party transactions, and researches on characteristics of such kind of companies provide support to government regulation and investment decision. By taking violation events during the year of 2001 -2010 as the research object, from the perspectives of finance and governance, this paper applies logistic regression with 4 financial factors and 6 corporate governance factors abstracted from 7 financial variables and 13 corporate governance variables. The results show that companies which violate regulations on related party transactions have re- markable characteristics that distinguish from other companies.