CAJ | 학술논문

关联交易资金占用行为通常被视作大股东对上市公司的掏空而出现在诸多文献当中。但是从企业集团内部资本市场资源配置的视角来分析，这种行为可能是出于提高企业集团资金使用效率的目的。利用我国 A股上市公司2009~2011年度的关联交易数据，对我国上市公司关联交易资金占用情况与上市公司面临的融资约束、经营不确定性之间的关系进行了实证检验，结果支持了关联交易资金占用行为的企业集团内部资本市场资源配置假说。
관련교역자금점용행위통상피시작대고동대상시공사적도공이출현재제다문헌당중。단시종기업집단내부자본시장자원배치적시각래분석，저충행위가능시출우제고기업집단자금사용효솔적목적。이용아국 A고상시공사2009~2011년도적관련교역수거，대아국상시공사관련교역자금점용정황여상시공사면림적융자약속、경영불학정성지간적관계진행료실증검험，결과지지료관련교역자금점용행위적기업집단내부자본시장자원배치가설。
In the existing literature,the fund embezzlement of related party transactions is used to represent tunneling behavior of large shareholders.But in the perspective of resource allo-cation of internal capital market,the fund embezzlement behavior will improve the resource allo-cation efficiency.Using the related party transactions data of Chinese A-share listed firms from 2009 to 2011,the empirical analysis tests the relationship between fund embezzlement and finan-cing constraints,and operating environment uncertainty.The result confirms the resource alloca-tion hypothesis of internal capital market.