企业生命周期视角下的股权结构与关联方交易研究

Research on Ownership Structure and Related Party Transactions from the Perspective Of Enterprise Life Cycle

本文选取我国沪深A股制造业上市公司2012-2016年的数据作为研究样本,将生命周期理论作为约束条件,分组对股权结构与关联方交易、侵占型关联方交易的关系进行实证分析。研究表明:成长期企业和成熟期企业的股权集中度与关联方交易规模、侵占型关联方交易规模显著正相关;成长期企业的股权制衡度与关联方交易规模、侵占型关联方交易规模显著负相关;成熟期企业的股权制衡度与关联方交易规模、侵占型关联方交易规模无相关关系。总体来看,与成长期企业相比,成熟期企业的股权集中度与控股股东的关联方交易型"掏空"程度的正相关关系更加显著,成熟期企业的股权制衡没有有效地抑制控股股东的关联方交易型"掏空"行为。

This paper selects the data of China's A-share Manufacturing Listed Companies in Shanghai and Shenzhen from 2012 to 2016 as the research sample, and takes the life cycle theory as the constraint condition, and makes an empirical analysis on the relationship between ownership structure and related party transactions, and occupied related party transactions. The results show that the ownership concentration of growth enterprises and mature enterprises is significantly positively correlated with the scale of related party transactions and the scale of encroachment related party transactions; the equity balance of growth enterprises is significantly negatively correlated with the scale of related party transactions and the scale of encroachment related party transactions; the equity balance of mature enterprises is significantly negatively correlated with the scale of related party transactions; There is no correlation between the scale of the expropriation and the scale of the related party transactions. Generally speaking, compared with the growing enterprises, the positive correlation between the ownership concentration of the mature enterprises and the related party transaction-type "tunneling" of the controlling shareholders is more significant, and the equity checks and balances of the mature enterprises do not effectively inhibit the related party transaction-type "tunneling" of the controlling shareholders.