产品市场竞争与关联方交易——基于战略转移定价理论的实证分析

Product Market Competition and Related Party Transactions——Empirical Research Based on Strategic Transfer Pricing Theory

本文基于战略转移定价理论,利用2007至2013年间上市企业关联方交易数据作为内部转移定价的代理变量、以三种方式定义产品市场竞争度,实证检验市场竞争度与企业内部关联方交易之间的相关关系。检验结果支持了战略转移定价理论认为的转移定价是厂商获取战略优势的工具。当外部市场竞争激烈时,分权化经营会增加运营成本,企业会降低内部转移以增强产品的价格优势。而在竞争度较低的行业,企业会通过更多的内部转移虚拟地推高产品成本,隐藏垄断利润,从而维持当前的市场竞争格局。研究结论同时支持了以往理论文献、抽样问卷研究中对转移定价影响因素的基本观点。

This study uses the 2007- 2013 Chinese listed companies evidence of related party transactions data as proxy for internal pricing,applies three dimensions of product market competition level,and does an empirical test on the correlation between product market competition and internal transfer pricing. Our data support strategic transfer pricing school's viewpoint that transfer pricing is the tool through which the enterprises use to gain strategic advantages: in an highly competitive industry,decentralized operation will raise operating cost,and enterprises will reduce internal trade to enhance product price advantages; while in an lesscompetitive industry,enterprises will apply relatively high level of internal trade,which is seemly considered as a self- sabotage mechanism,in order to maintaining a high product price and profit margin.