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The Study on Relationship between Related Party Transactions and Corporate Value

Author: ZhongFuSheng
Tutor: WangDeWu
School: Shenyang University of Technology
Course: Accounting
Keywords: Related Party Transactions Excess Related Party Transactions Corporate Value Regression Analysis
CLC: F224
Type: Master's thesis
Year: 2008
Downloads: 242
Quote: 1
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With the Emergence of more and more group corporation and the constant development of market economy, related party transactions had been increasing on the scale and the type, playing more important role for affecting the corporate value. Related party transactions could reduce transaction cost, optimize the property structure, enhance market competitiveness, but controlling shareholder use related party transactions to infringe upon corporate value, harming interest of medium and Small -sized investors, and tunneling behavior. These behaviors effect market economy resource allocation and sustainable development of capital market and social economy. Therefore, it is important to further study influence of related party transactions.Based on domestic and abroad relevant literatures reviewed, this paper applied the normative analysis method to study the relationship between related party transactions and corporate value in terms of transaction costs theory, coordination theory, internal capital market theory, asset specificity and principal-agent theory . Analysis results demonstrated that related party transactions could reduce transaction cost, realize coordinated effect, minimize capital cost, promote investment of specific asset, but related party transactions would be used by insider controller and controlling shareholder to encroach company’s interests. Consequently, the related party transactions was classified into ten types which was accorded to the differences between purchasing (supplying) and selling (accepting), from the view of excess related party transactions, by choosing the data of listed companies of China from 2004 to 2006. Finally, this paper applied the methods of independent-samples T-test, Pearson correlation analysis and regression analysis to the study of the relationship between related party transactions and corporate value.The results of research revealed that: there are significant differences on excess related party purchasing (selling) commodity and excess supplying related party guarantee between different ultimate owners; there are significant differences on excess related party purchasing (selling) commodity and excess accepting related party guarantee between having controlling shareholder and having not controlling shareholder; there are supportive effects of excess related purchasing commodity ,excess accepting related party service and excess accepting related party capital on corporate value; there are harming effects of excess supplying related party capital and excess supplying related party guarantee on corporate value, there is an inverted U-shaped relation between excess selling related party commodity and excess accepting related party guarantee. Finally, the suggestions was provided as follows:(l)enhancing and perfecting the information revealing system;(2)promote actively the holistic listing;(3)develop strongly the institutional investors;(4)encouraging the shareholder from second to fifth to increase of investment funds ownership, increasing the equity restriction ratio.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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