摘要
目前学术界关于大股东控制下的关联交易对上市公司的影响主要存在"效率促进"和"掏空"两种主流观点。郑国坚等(2007)发现关联交易与上市公司价值之间存在N型关系,表明两种效应在我国同时存在。本文进一步从会计盈余质量的角度检验这两种观点。通过对我国2000-2005年5576家上市公司的实证研究发现,关联交易与会计盈余质量之间是一种直线关系,关联交易程度越高,盈余管理程度越大、价值相关性也越低。这说明,从会计盈余质量的角度看,关联交易主要表现为掏空效应,损害会计盈余质量。
On the hot issue of the relationship between business group,,related party transactions of business group and the performance of group members,there exist two competitive theories:value added view and tunneling view.In this paper,we try to test them from a prospect of earning quality.Based on a sample of 5576 firm-year observations in China from 2000-2005,we find that there are a linear relation between related party transactions with large shareholder and earning quality of listed firms.In general,more related party transactions with large shareholder are related to worse earning quality(measured by earning management and ERC).This result is consistent with the 'tunneling' hypothesis,which argues that the tunneling effect dominates efficient effect of related party transactions in most of the cases.
出处
《会计研究》
CSSCI
北大核心
2009年第10期68-76,共9页
Accounting Research
基金
国家自然科学基金重点项目"产权保护导向的会计控制研究"(项目批准号70532003)
广东省自然科学基金"我国企业集团内部资本市场的效率及其决定机制研究"
中山大学桐山基金项目"关联交易内部控制研究"(项目编号:9350609)的资助
