CAJ | 학술논문

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.
목전학술계관우대고동공제하적관련교역대상시공사적영향주요존재"효솔촉진"화"도공"량충주류관점.정국견등(2007)발현관련교역여상시공사개치지간존재N형관계,표명량충효응재아국동시존재.본문진일보종회계영여질량적각도검험저량충관점.통과대아국2000-2005년5576가상시공사적실증연구발현,관련교역여회계영여질량지간시일충직선관계,관련교역정도월고,영여관리정도월대、개치상관성야월저.저설명,종회계영여질량적각도간,관련교역주요표현위도공효응,손해회계영여질량.
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 sharebolder are related to worse earning quality(measured by earning management and ERC) . This result is consistent with the "tunneling" hypothesis, which argues that the tuanehng effect dominates efficient effect of related party transactions in most of the cases.