宏观经济政策不确定性与企业关联交易行为

Macroeconomic Policy Uncertainty and Related Party Transaction Behaviors of Enterprises

经常且非预期的宏观经济政策调整会使企业经营面临较高的不确定性,关联方可能借机侵占企业利益,也可能促进利益协同。基于此,文章以2007-2017年中国A股上市公司为样本研究发现,随着宏观经济政策不确定性的增加,上市公司的关联交易水平显著提高。影响机制检验发现,当宏观经济政策不确定性较高时,关联方并没有利用关联交易来侵占上市公司利益,而是缓解不确定性所造成的冲击。进一步研究发现,随着宏观经济政策不确定性的上升,利益流入型关联交易显著增加。良好的法制环境和企业家的政治关联有助于减弱企业对关联交易的依赖。文章从外部不确定性视角认识了关联交易的价值,为有效防范不当关联交易提供了经验证据,而且对于探索如何贯彻新发展理念、构建现代宏观经济调控体系具有参考意义。

At present,the uncertainty of China’s macroeconomic policy is increasing and the risks of the enterprise supply chain are increasing. Theoretical studies have shown that higher macroeconomic policy uncertainty will have a greater impact on the normal operation and investment behaviors of enterprises.However,at present,there is little literature to investigate the changes of enterprises’ trading behaviors and their risk-coping strategies under the influence of macroeconomic policy uncertainty. In view of this,based on the background of China’s system,this paper investigates the behavior characteristics of related party transactions among enterprises from the perspective of macroeconomic policy uncertainty,so as to explore the adaptability of enterprises to macroeconomic policy uncertainty. At the same time,the related party of the listed company may play the role of supporting hand through related party transactions based on information advantages;it is also possible to take advantage of the noise environment caused by the high uncertainty of macroeconomic policies and use related party transactions as the hand to gain benefits.Based on this,this paper takes Chinese A-share listed companies from 2007 to 2017 as samples and adopts the econometrics analysis method. It finds that with the increase of macroeconomic policy uncertainty,the level of related party transactions of enterprises increases significantly. The conclusion of this paper is still stable after using the method of instrumental variables and considering the impact of exogenous environmental changes.Through the impact mechanism test,it is found that the listed companies try to overcome the adverse impact caused by macroeconomic policy uncertainty with the help of related party transactions,so as to achieve stable development. Through the exclusive interpretation,it is found that related parties do not make use of the specific external environment caused by macroeconomic policy uncertainty to make related parties exist as the"grasping hand" of interests. Further research shows that with the increase of macroeconomic policy uncertainty,beneficial related party transactions increase significantly. Finally,it is found that a good legal environment and the political connection background of managers can help to reduce the dependence of enterprises on related party transactions.This paper not only provides a new theoretical basis and empirical evidence for exploring how macroeconomic policy uncertainty affects the micro-transaction behaviors of enterprises. Moreover,it is also helpful to recognize the potential value and possible risks of related party transactions in a specific business environment,so as to help the regulatory authorities develop more effective regulatory models for related party transactions.