CAJ | 학술논문

首先界定了关联并购的概念和范围。在前人关于大股东和终极控制人掏空和支持行为研究的基础上，根据我国上市公司的外部环境特征，提出了我国上市公司关联并购的股权融资偏好动机。按照关联并购前上市公司是否满足配股要求，将我国1998—2004年间发生关联并购的上市公司的样本划分成两类。通过关联并购前后一年的盈利性财务指标的配对样本t检验，分别验证了满足配股要求的上市公司在关联并购后绩效有明显下降，存在掏空行为；未满足配股要求的上市公司在关联并购后绩效有明显上升，存在支持行为。
수선계정료관련병구적개념화범위。재전인관우대고동화종겁공제인도공화지지행위연구적기출상，근거아국상시공사적외부배경특정，제출료아국상시공사관련병구적고권융자편호동궤。안조관련병구전상시공사시부만족배고요구，장아국1998—2004년간발생관련병구적상시공사적양본화분성량류。통과관련병구전후일년적영리성재무지표적배대양본t검험，분별험증료만족배고요구적상시공사재관련병구후적효유명현하강，존재도공행위；미만족배고요구적상시공사재관련병구후적효유명현상승，존재지지행위。
First of all, the concept of ＂M＆A with related party＂ was defined. Then, we classified the MARP into two parties --tunneling and propping, based on the samples of Chinese listed companies during the period 1998 -2004. Using paired sample t test, we found that when the listed company meets the requirement of allotment of shares, the MARP is tunneling; if not, the MARP is propping. The results showed that the performance of tunneling MARP of meeting the requirement of allotment of shares had significant decline between the year after the MARP and the year before the MARP; the performance of propping MARP which did not meet the requirement of allotment of shares had significant improvement.