关联交易、企业生命周期与自愿信息披露

Related Party Transactions, Enterprise Life Cycle and Voluntary Information Disclosure

以2015—2020年我国A股上市公司为样本,基于企业生命周期的视角,实证检验了关联交易对自愿信息披露的影响以及盈余管理对两者关系的作用机制。研究发现:关联交易显著抑制了自愿信息披露,进而降低了企业的自愿信息披露程度;企业生命周期分组检验显示,在企业初创期,关联交易对自愿信息披露的影响不显著,而在企业成长期、成熟期和衰退期,关联交易与自愿信息披露显著负相关;盈余管理对关联交易与自愿信息披露的关系具有部分中介作用。

This paper took China’s A-share listed companies from 2015 to 2020 as the sample, and selected the angle of enterprise life cycle, then empirically tested the impact of related party transactions on voluntary information disclosure, as well as the role of earnings management between the two. The study found that related party transactions has significantly suppressed voluntary information disclosure, and further reduced the degree of enterprises’ voluntary information disclosure. The group tests based on enterprise life cycle showed that, for start-up enterprises, related party transactions had little impact on voluntary information disclosure, while there was a significant negative correlation between the two at the stages of growth, maturation and decline. Moreover,earnings management played a partial mediation role between related party transactions and voluntary information disclosure.