上市公司与财务公司关联交易对投资效率影响研究.docVIP

上市公司与财务公司关联交易对投资效率影响研究 黄贤环 吴秋生 山西财经大学会计学院 X 关注成功！ 加关注后您将方便地在 我的关注中得到本文献的被引频次变化的通知！ 新浪微博 腾讯微博 人人网 开心网 豆瓣网 网易微博 摘????要： 以2008—2014年我国上市公司与财务公司关联交易非平衡面板数据,实证检验了上市公司与财务公司主要类型关联交易对上市公司投资效率的影响。研究发现,上市公司与财务公司各主要类型关联交易总体上能够提升上市公司投资效率,但存在一定的差异,具体表现为:关联交易总额和关联资金交易金额越大越加剧了投资不足,但抑制了过度投资;关联劳务交易能够不显著缓解投资不足和抑制过度投资,而关联担保交易则不显著缓解投资不足和加剧过度投资。此外,上市公司面临的融资约束在上市公司与财务公司关联交易对投资效率影响中存在调节作用。 关键词： 上市公司; 财务公司; 关联交易; 资源配置; 投资效率; 内部资本市场; 投资不足; 过度投资; 融资约束; 作者简介：黄贤环(1989—),男,江西吉安人,山西财经大学会计学院博士研究生,从事财务公司、公司治理与审计研究; 作者简介：吴秋生(1962—),男,江苏东台人,山西财经大学会计学院教授,博士生导师,博士,从事审计、内部控制研究。 收稿日期：2016-03-20 基金：山西省软科学研究项目(2014041051-1) Research on the Listed Companies and Finance Company Related Party Transactions Impact on Investment Efficiency HUANG Xianhuan WU Qiusheng School of Accounting,Shanxi University of Finance and Economics; Abstract： Using the unbalanced panel data of Chinese listed companies and finance company related transactions from 2008 to2014,the paper makes an empirical test on the main types of related party transactions impact on investment efficiency of listed companies. The study found that all the finance companies main types of related party transactions can enhance the investment efficiency of listed companies on the whole,but there are some differences. The more total amount of related party transactions,the more the fund transactions increased the underinvestment,but inhibits the overinvestment. Related services transactions can be significantly reduced in terms of underinvestment and curb overinvestment,but related guarantee transactions is not significantly alleviatedin terms of underinvestment and overinvestment. In addition,the financing constraints which the listed companies are facing have an adjustment effect in the listed companies and finance companies related transactions impacting on investment efficiency. Keyword： listed companies; finance companies; related party transactions; allocation of resources; investment efficiency; internal capital market; under-inve