摘要
关联交易普遍被认为是一种操纵盈余的常用手段。本文基于定价视角以我国2009-2019年沪深A股有关联交易的上市公司为研究对象,通过构建回归模型,采用固定效应和Wald等方法对模型进行检验,发现定价型关联交易额越大,盈余操纵越严重,两者存在显著的正相关关系,但非定价型关联交易与盈余操纵的相关性不显著;进一步分析发现,定价型关联交易中的市场定价方式和非市场定价方式关联交易与盈余操纵都存在显著的正相关性,但市场定价方式的相关性要显著高于非市场定价方式的相关性,改变了以往市场定价方式的关联交易较少产生盈余操纵的一般看法。这一研究结论的发现寄希望能为监管部门制定有关政策提供依据和参考方向,以减少上市公司利用关联交易进行盈余操纵。
related party transactions are generally regarded as a common means of manipulating earnings.Based on the pricing perspective,this paper takes the listed companies with related party transactions in Shanghai and Shenzhen A shares from2009 to 2019 as the research object.By constructing the regression model and testing the model by using the methods of fixed effect and Wald,it is found that the larger the amount of pricing related party transactions,the more serious the earnings manipulation,and there is a significant positive correlation between the two,However,the correlation between non pricing related party transactions and earnings manipulation is not significant;Further analysis shows that there is a significant positive correlation between market pricing mode and non market pricing mode in pricing related party transactions and earnings manipulation,but the correlation of market pricing mode is significantly higher than that of non market pricing mode,which changes the general view that related party transactions with market pricing mode rarely produce earnings manipulation in the past.The findings of this research conclusion hope to provide the basis and reference direction for the regulatory authorities to formulate relevant policies,so as to reduce the earnings manipulation of listed companies by using related party transactions.
出处
《价格理论与实践》
北大核心
2021年第3期83-86,167,共5页
Price:Theory & Practice
基金
国家自然科学基金资助项目(72063031)
江西省2019年度研究生创新专项资金项目(YC2019-B075)
关键词
定价方式
关联交易
交易价格
盈余操纵
pricing method
related party transactions
transaction price
earnings manipulation
