关联方合作、股权结构特征与焦点企业价值创造初探

Discussion on Related Party Cooperation, Ownership Structure Characters and Focal Firms' Value Creation

以2000年1月—2015年12月141家具有关联交易合作的上市公司为样本,实证考察了焦点企业的股权结构特征和关联方的相对特征对焦点企业价值创造的影响。研究结果表明,股权集中度对焦点企业价值创造存在显著负向影响,股权制衡度对焦点企业价值创造无影响;而关联方的相对距离不能为焦点企业带来价值创造,相对规模与焦点企业价值创造存在显著正影响,相对关系与焦点企业价值创造是负相关关系,当关联方是焦点企业的子公司时,控股股东通过关联交易合作获得控制权从而掏空焦点企业。本文首次检验了关联交易合作下的上市公司的治理机制是否能够为焦点企业创造价值,同时考察了关联方的相对特征对焦点企业价值创造的影响。

The paper takes the 141 listed companies with related transactions from 2001 to 2015 as the sample, investigates the impact of the focal firms＇ ownership structure characters and related parties relative characteristics on the focal firms＇ value creation. The empirical results indicate that ownership concentration negatively affects focal firms＇ value creation and equity restriction has no effect on it. If the related-party＇s relative distance can not bring value creation to the focal firms, relative scale plays a positive role in the focal firms＇ value creation and relative relationship is negatively related to the focal firms＇ value creation. When the related party is the subsidiary of focus firm, the controlling shareholder will gain control by related transaction and then empty the focus firm. It not only investigates whether the governance mechanism of listed companies can create value for the focus firms under cooperative transaction, but also investigates whether the relative characteristics of the related party can play a role in the focal firms＇ value creation.