上市公司治理结构对关联方交易的影响

Influence of listed company governance structure on related party transactions

针对公司治理结构与关联方交易关系问题,在理论分析的基础上,根据2012-2014年深交所上市公司的数据,对上市公司治理结构对关联方交易的影响进行实证分析,研究发现:完善的治理结构能够降低关联方交易的规模,减少非公允关联方交易的发生,维护中小股东的利益。具体来说,股权集中度对关联方交易具有正的影响;股权制衡度对关联方交易具有负的影响;董事会规模对关联方交易没有影响;监事会规模对关联方交易具有负的影响。

In view of the problems of corporate governance structure and the related party transactions, on the basis of theoretical analysis, according to the data of Shenzhen stock exchange in 2012-2014, empirical test is conducted on the influence of listed company governance structure on related party transactions. It is found that perfect governance structure can reduce the size of the related party transactions, reduce the occurrence of unfair related party transactions and maintain the interests of small and medium shareholders. Specifically, ownership concentration has a positive influence on related party transactions. Equity balance degree has a negative influence on related party transactions. The board size of directors has no impact on the related party transactions. The board size of supervisors has a negative influence on related party transactions.