發(fā)布時(shí)間：2018-01-14 09:16

  本文關(guān)鍵詞：上市公司關(guān)聯(lián)交易定價(jià)的研究　出處：《山東大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 關(guān)聯(lián)交易及披露 轉(zhuǎn)讓定價(jià) 盈余管理 避稅動(dòng)機(jī) 建議措施

【摘要】：隨著我國(guó)經(jīng)濟(jì)的不斷發(fā)展,上市公司數(shù)量劇增,上市公司關(guān)聯(lián)交易定價(jià)已經(jīng)成為一個(gè)熱點(diǎn)話題。公允的關(guān)聯(lián)交易可以降低交易成本,避免信息不對(duì)稱,提高資產(chǎn)盈利能力。但是目前每每談及上市公司關(guān)聯(lián)交易,往往給它打上“徇私、舞弊”、“虛假信息”等烙印。從理論上講,關(guān)聯(lián)交易雖被認(rèn)為是內(nèi)部操控行為,但又不屬于內(nèi)幕交易的范疇；它屬于中性經(jīng)濟(jì)范疇,是一種市場(chǎng)行為,而又不是單純的市場(chǎng)行為。而在實(shí)際的操作過程中,由于關(guān)聯(lián)方交易行為的不確定性以及轉(zhuǎn)讓定價(jià)的非公允性、隱蔽性和監(jiān)管的困難性等特點(diǎn),容易造成中小投資者乃至國(guó)家利益受到損害。因此保證關(guān)聯(lián)交易的公平和公正,防止暗箱操作,擁有一個(gè)公允的、有效的關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)機(jī)制變得尤為重要。 本文首先在對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)進(jìn)行回顧的基礎(chǔ)上,對(duì)關(guān)聯(lián)方、關(guān)聯(lián)交易以及關(guān)聯(lián)交易類型、關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)機(jī)制進(jìn)行了概述。接著,分析了影響關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)機(jī)制的相關(guān)因素以及目前存在的缺陷,包括：關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)決策內(nèi)外的影響因素、關(guān)聯(lián)定價(jià)的方法選擇、關(guān)聯(lián)轉(zhuǎn)讓定價(jià)的決策程序、決策風(fēng)險(xiǎn)控制以及關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)的信息披露等。 然后,在相關(guān)描述統(tǒng)計(jì)分析的基礎(chǔ)上,用實(shí)證分析的方法分析證實(shí)了關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)決策中存在的盈余管理行為和避稅行為。本文選取了國(guó)內(nèi)A股市場(chǎng)2008-2010年披露關(guān)聯(lián)交易的上市公司,共1861個(gè)樣本,通過對(duì)樣本公司的特征變量的分布,來分析上市公司利用關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)機(jī)制進(jìn)行盈余管理行為與避稅行為的特征。結(jié)果發(fā)現(xiàn)：上市公司明顯存在利用關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)進(jìn)行盈余管理的行為；ST公司上市公司和存在配股行為的公司利用關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)提高利潤(rùn)實(shí)現(xiàn)扭虧的行為更為明顯；由大股東絕對(duì)控制的上市公司,可能存在利用關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)轉(zhuǎn)移利潤(rùn)的行為；上市公司也存在利用關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)和稅率差異逃避所得稅的動(dòng)機(jī)。 最后,在上述分析的基礎(chǔ)上,指出我國(guó)關(guān)聯(lián)交易交易所存在的缺陷,并針對(duì)如何完善上市公司關(guān)聯(lián)交易轉(zhuǎn)讓定價(jià)提出相關(guān)建議。
[Abstract]:With the continuous development of our economy, the number of listed companies has increased dramatically, the pricing of related party transactions of listed companies has become a hot topic. Fair related party transactions can reduce transaction costs and avoid asymmetric information. Improve the profitability of assets. But now often talk about listed companies related transactions, often give it "favoritism, fraud", "false information" brand. Theoretically speaking. Although related party transactions are considered to be internal manipulation, they do not belong to the category of insider trading. It belongs to the category of neutral economy, it is a kind of market behavior, but not a simple market behavior, and in the actual operation process, because of the uncertainty of the related party's transaction behavior and the unfairness of the transfer pricing. The characteristics of concealment and difficulty of supervision are likely to cause damage to the interests of small and medium investors and even the state. Therefore, it is fair to ensure the fairness and justice of related party transactions and to prevent the operation of dark boxes. An effective transfer pricing mechanism for related party transactions has become particularly important. Based on the review of relevant literature at home and abroad, this paper summarizes the transfer pricing mechanism of related parties, related party transactions, related party transactions, related party transactions and related party transactions. This paper analyzes the related factors that affect the transfer pricing mechanism of affiliated transactions and the defects existing at present, including: the influence factors inside and outside of the transfer pricing decision of related party transactions, and the method choice of the related party pricing. The decision procedure, the decision risk control and the information disclosure of the transfer pricing of the related party transaction. Then, on the basis of the statistical analysis of the relevant description. In this paper, the earnings management behavior and tax avoidance behavior in the transfer pricing decision of related party transactions are confirmed by empirical analysis. This paper selects the listed companies that disclosed related party transactions in the domestic A share market from 2008 to 2010. Division. A total of 1861 samples were collected by the distribution of the characteristic variables of the sample companies. To analyze the characteristics of earnings management behavior and tax avoidance behavior of listed companies using the transfer pricing mechanism of affiliated transactions. The results show that the listed companies obviously have the behavior of earnings management using the transfer pricing of related party transactions; St company listed company and the company with the behavior of rights issue are more obvious to use the transfer price of related party transaction to improve the profit to turn the loss; Listed companies under the absolute control of large shareholders may have the behavior of transferring profits by transfer pricing of related party transactions; Listed companies also have the motivation to evade income tax by using transfer pricing and tax rate differences in related party transactions. Finally, on the basis of the above analysis, this paper points out the defects of China's affiliated trading exchanges, and puts forward some relevant suggestions on how to improve the transfer pricing of affiliated transactions of listed companies.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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