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论文编号：	1879
作者编号：	041840
上传时间：	2010/5/18 10:48:24
中文题目：	扭亏为盈公司关联方交易行为的实证研究
英文题目：	Listed companies Related party transactions
指导老师：	孙广平
中文关键字：	上市公司 关联方交易 实证研究 亏损公司
英文关键字：	Listed companies Related party transactions Empirical research Loss companies
中文摘要：	随着证券市场的发展，上市公司投资主体呈现出多元化趋势，越来越频繁的关联方交易出现在上市公司与其关联方之间，所以上市公司关联方交易行为一直是市场关注的热点话题。关联方交易行为一方面有利于扩大企业融资渠道，增强企业竞争力，另一方面也容易成为企业利润操纵的工具，扰乱证券市场秩序。尽管近年来监管部门不断地完善相关准则，保护了公允的关联方交易，并使非公允关联方交易得到一定的抑制，但仍然有不少上市公司在亏损的关键时刻倾向于发生大量关联方交易，实现短时间内扭亏为盈，以避免被特别处罚和退市处罚。因此，本文研究的目的是验证在相关准则实施之后，资产重组关联方交易仍然对一部分上市公司的扭亏为盈起着重要作用，并试图发现影响资产重组关联方交易的主要因素。 本文在介绍关联方交易的涵义、基本内容和目的的基础上，从几个方面分别论述了我国关联方交易产生的根源，介绍了我国相继出台的规范关联方交易的准则及其对关联方交易的规范作用，并且在对我国关联方交易的总体趋势进行描述与分析后，通过几个典型案例的陈述，说明资产重组关联方交易仍然是上市公司扭亏为盈的有效手段之一。文章的实证部分通过采用描述性统计方法和多元线性回归的实证方法，对近两年来扭亏为盈上市公司进行的资产重组关联方交易进行了研究分析。实证结论既证实了亏损比率越大和亏损年数越多的上市公司越倾向于使用更多的关联方交易实现扭亏，又证实了控股股东持股比例、第一大股东性质与关联方交易比率存在相关性。最后，文章总结了实证研究得出的相关结论，提出了规范关联方交易的建议。
英文摘要：	With the development of securities markets, one enterprise often has many investors and related companies, thus the related party transactions have boomed between listed companies and their related parties which have been attached more importance. On one hand, these transactions are helpful to expand financing channels and strengthen the ability to compete. On the other hand, these transactions often result in manipulating the profits which destroys the fairness and equality of the capital markets. After some accounting laws and regulations’ publishing, although some unfair transactions have been effectively restricted, some companies are still willing to use the related party transactions to make a positive profit in a short time in order to avoid special treatment and punishment. So this paper tries to do some further study whether the related party transactions of asset reorganization have an important effect on the loss companies in recent years and what factors have affected the scale of the related party transactions. Based on the definitions, contents and objectives of the related party transactions, this paper analyzes the roots of the related party transactions, introduces the regulations about the related party transactions, points out the trend of the development of the related party transactions recently and describes some cases of loss companies which used related party transactions of asset reorganization to make a positive profit. The empirical part of this paper examines these transactions through some empirical methods and finds that the companies which have more net loss and which have a negative profit for more than one year will increase the scope of the related party transactions in order to make a positive profit. At the same time, it also demonstrates some other factors that affect the scope of the related party transactions of loss companies, including the concentration of ownership and the character of the internal shareholder. At last, this paper draws the conclusions of the empirical parts and offers some suggestions to regulate the related party transactions in our country. Listed companies Related party transactions Empirical research Loss companies
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