CAJ | 학술논문

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。
문장이아국제조류행업상시공사위연구양본，고찰전궤경제배경하불동지구간시장화발육수평대기업교역방식적영향。연구발현，여자금점용형관련교역현저불동，구소관련교역능현저제고공사적효；산품화요소시장월불발체、시장화수평월저적지구기업구소류관련교역월다。결론증명，재시장발육불완선제도배경하，관련구소성위기업강저교역성본적유효교역방식，저지지료관련교역구유효솔관적사상。문장결론대우리해전궤경제배경하기업특수교역행위구유중요의의。
Based on the empirical data of listed companies in material industry, this paper investigates the relationship between marketization and related-party transactions. We find that corporate related-party transactions are higher in regions with low marketization level. Related-party transactions can reduce the sales expenses, improve corporate accounting performance and increase abnormal returns. This result indicates that related-party transactions lower the transaction costs when a company lies in regions with low marketization level, which supports the thought on the effectiveness of related-party transactions.