地区市场化进程、市场分割与公司关联交易行为
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财经研究 2007 年 第 33 卷第 06 期, 页码：44 - 55
摘要
参考文献
摘要
文章以我国制造类行业上市公司为研究样本,考察转轨经济环境下不同地区间市场化发育水平对企业交易方式的影响。研究发现,与资金占用型关联交易显著不同,购销关联交易能显著提高公司绩效;产品和要素市场越不发达、市场化水平越低的地区企业购销类关联交易越多。结论证明,在市场发育不完善制度环境下,关联购销成为企业降低交易成本的有效交易方式,这支持了关联交易具有效率观的思想。文章结论对于理解转轨经济环境下企业特殊交易行为具有重要意义。
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[4]黄本尧.上市公司关联交易监管问题研究[R].深圳证券交易所综合研究所研究报告,2003.
[5]李增泉,孙铮,王志伟.“掏空”与所有权安排——来自我国上市公司大股东资金占用的经验证据[J].会计研究,2004,(12):95~105.
[6]李善同,侯永志,刘云忠,等.中国国内地方保护问题的调查与分析[J].经济研究,2004,(11):78~84.
[7]刘峰,贺建刚.股权结构与大股东利益实现方式的选择——中国资本市场利益输送的初步研究[C].重庆:中国重庆第二届实证会计国际研讨会论文集,2003:22~31.
[8]孙铮,刘凤委,李增泉.市场化程度、政府干预与债务期限结构——来自中国上市公司的经验证据[J].经济研究,2005,(5):52~63.
[9]原红旗.从中期报告看关联交易:现实问题与理性思考[J].会计研究,1998,(4):1~6.
[10]Aharony Joseph,Ji wei Wang,Hongqi Yuan.Tunneling as an incentive for earningsmanagement during the IPO process in China[R].Working Paper,American Account-ing Association Annual Meeting,2006.
[11]Baek J S,Kang J K,Park K S.Corporate governance and firmvalue:Evidence fromthe Koreanfinancial crisis[J].Journal of Financial Economics,2004,71(2):265~313.
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[13]Fan Joseph,Stin Claessens.Corporate governancein Asia:Asurvey[J].InternationalReviewof Finance,2002,3,71~103.
[14]Fishman,Raymond,Tarun Khanna.Facilitating development:The role of businessgroup[R].Working Paper,Columbia University-Columbia Business School and HarvardUniversity-Competition&Strategy Unit,1998.
[15]Gordon Elizabeth A,Elaine Henry,Darius Palia.Related party transactions:Associa-tions with corporate governance and firm value[EB/OL].Working Paper,http://www.ssrn.com,2004.
[16]Hubbard R G,Palia D.A re-examination of the conglomerate merger wave in the1960s:Aninternal capital market view[J].Journal of Finance,1999,54:1131~1152.
[17]Johnson S,La Porta R,Lopez-De-Silanes F,et al.Tunnelling[J].American EconomicReview,2000,90:22-27.
[18]Khanna T,Palepu K.Is group affiliation profitable in emerging markets:An analysisof diversified indian business groups[J].Journal of Finance,2000,55:867~891.
[19]La Porta R,Lopez-de-Silanes F,Shleifer A Vishny R.Legal determinants of externalfinance[J].Journal of Finance,1997,52:1131~1150.
[20]Leff N.Industrial organization and entrepreneurship in the developing countries[J].Economic Development and Cultural Change,1978,26:661~675.
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引用本文
刘凤委, 张人骥, 崔磊磊. 地区市场化进程、市场分割与公司关联交易行为[J]. 财经研究, 2007, 33(6): 44–55.
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