大股东控制下的关联投资：“效率促进”抑或“转移资源”.doc
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大股东控制下的关联投资：“效率促进”抑或“转移资源”,共17页，20000字左右[摘 要] 在我国资本市场上，上市公司与其控股股东之间的关联投资是一种常见的投资现象，也是一种重要的关联交易形式。本文从“效率促进”和“转移资源”的视角对我国大股东控制下的上市公司关联投资进行分析。以2002-2005年的样本数据为依据，研究结果表明：上市公司的关联投资与企业绩效呈现负相关关系...
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共17页，20000字左右
[摘 要] 在我国资本市场上，上市公司与其控股股东之间的关联投资是一种常见的投资现象，也是一种重要的关联交易形式。本文从“效率促进”和“转移资源”的视角对我国大股东控制下的上市公司关联投资进行分析。以2002-2005年的样本数据为依据，研究结果表明：上市公司的关联投资与企业绩效呈现负相关关系，关联投资并未增加企业价值，而是成为控股股东转移上市公司资源的一种渠道。进一步，当上市公司前一年发实施了IPO或SEO，EBIT较高时，关联投资与企业绩效呈现负相关关系；而当上市公司ROE为负或三年平均ROE在6%-8%之间时，关联投资与企业绩效显著正相关，说明控股股东会根据上市公司可供转移的资源多寡，通过关联投资将资源转出或转入上市公司，以实现控制权私利的最大化。
[关键词] 关联投资；效率促进；掏空；支持；治理环境
The Related Party Investment Controlled by Controlling Shareholder:
Efficiency Enhancing or Resource Transfer
Abstract: Related party investment between listed companies and their controlling shareholders is a frequently occurring phenomenon as well as an important form of related party transactions. From the perspectives of both “efficiency enhancing” and “resources transferring”, this study analyzes related party investments in listed companies under the control of controlling shareholders based on the sample data through 2002 to 2005. Research results indicate a negative relationship between related party investments in listed companies and companies’ performance. Related party investments do not add value to companies, and become an approach for controlling shareholders transferring companies’ resources. Specifically, when a company’s EBIT is high, related party investment is negatively correlated with company’ performance for firms conducting IPO or SEO in the previous year. However, when a company’s ROE is negative, or its average ROE for the past three years is ranged from 6% to 8%, related party investment is significantly correlated with company’ performance. Our research results imply that, based on the amount of manageable resources, controlling shareholders are likely to transfer resources into or out of companies through related party investments for the purpose of self-interests maximization.
Key Words: related party investment; efficiency enhancing; tunneling; propping; governance environment
参考文献
Aharony .Joseph, Jiwei Wang and Hongqi Yuan,2005, Related party transactions as a direct means for earnings management, working paper.
Cho. M, 1998, Ownership structure, investment and the corporate value, Journal of financial economics, 47,103-121.
Cho, Y.-D., 1995. Company investment decisions and financial constraints: An analysis of a panel of Korean manufacturing firms. Working paper, School of East Asian Studies, University of Sheffield.
Coase,R.C.,1960. The Problem of Social Cost. Journal of Law and Economics,3:1-44.
Denis D.K. and McConnell J J.,2003, International corporate governance[J].Journal of Financial and Quantitative Analysis, 38:1-36.
Dennis C. Mueller and B. Burcin Yurtoglu 2000. Country Legal Environments and Corporate Investment Performance, German economic review, 1 :187–220.
Friedman , E. , S. Johnson , T. Mittton , 2003 , Propping and Tunneling, Journal of Comparative Economics . 31:732-750.
Gertner,R., Scharfstein,D., and Stein,J.,1994, Internal Versus External Capital Markets .The Quarterly Journal of Economics,4:1211-1230.
Gugler, K., and B. B. Yurtoglu, 2003. Corporate Governance and Dividend Pay-Out Policy in Germany. European Economic Review 47: 731-758.
Hakan Orbay and B. Burcin Yurtoglu,2006. The impact of corporate governance structures on the corporate investment performance in Turkey corporate governance: an international review, 14 (4 ):349-363,.
H.Orbay, B.B Yurtoglu.2006.The Impact of Corporate Governance Structures on the Corporate Investment Performance in Turkey. Corporate Governance: An International Review. 14 :349-363
Hoshi ,T., A. Kashyap and D.1991. Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups Quarterly. Journal of Business and Economics, 106:33-60.
Jian，M., and T.J. Wong，2007, Propping and Tunneling through Related Party Transactions, Working Paper.
Johnson, S., R.,La Porta , F., Lopez-De-Silanes, A., Shleifer , 2000 , Tunnelling, American Economic Review 90:22-27.
Joseph P.H. Fan, T.J. Wong, and Tianyu Zhang, 2007. Organizational Structure as a Decentralization Device: Evidence from Corporate Pyramids, working paper.www.ssrn.com.
Khanna,2000. Business groups and social welfare in emerging markets: Existing evidence and unanswered questions. European Economic Review.44:748-761
Khanna, T. and K. Palepu, 1997, Why focused strategy may be wrong in emerging markets, Harvard Business Review 75(4), 41-51.
Khanna, T and K. Palepu, 2000, Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups, The Journal of Finance 55 (2), 867-892.
McConell ,J. J and H. Servaes,1990, Additional evidence on equity ownership and corporate value, Journal of financial economics,27,595-612.
McConell ,J.J. and Muscarella,C.J.1985. Corporate capital expenditure decisions and the market value of the firm, Journal of financial economics,14:339-422
Morck , R., A. Shleifer and R. Vishny,1988, Management ownership and market valuation. Journal of financial economics,20,293-315.
Pagano, M., and A., Roell,1988, The Choice of Stock Ownership Structure Agency Costs, Monitoring, and The Decision To Go Public, The Quarterly Journal of Economics.188-225
Stein, Jeremy C.,1997,Internal Capital Market and the Competition for Corporate Resources, Journal of Finance,52,111-133.
Stein,2001.Agency, Information and Corporate Investment, working paper. www.ssrn.com.
Shin H, Park Y.S., 1999 .Financing constraints and internal capital markets: Evidence from Korean chaebols. Journal of Corporate Finance,5:169-191.
Shleifer, A., and R.W., 1997.Vishny. A Survey of Corporate Governance. Journal of Finance.52:737-783
Williamson,O.E.,1985. the econominc institutions of capitalism, New York,NY: The free press.
Wolfenzon,D.,1999；A theory of pyramidal ownership.working paper, Harvard University.
Woolridge,1988. Competive decline and corporate restructuring: is a myopic stock market to blame? Journal of applied corporate finance,1:26-36.
白重恩等,2005.中国上市公司治理结构的实证研究.经济研究,2:81-91.
陈晓,王琨.2005.关联交易、公司治理与国有股改革——来自我国资本市场的实证证据.经济研究. 4:77-97.
樊纲,王小鲁.2001（2003，2004）.中国市场化指数——各地区市场化相对进程年度报告.经济科学出版社.
郝颖等,2006.上市公司大股东控制下的资本配置行为研究—基于控制权收益视角的实证分析.财经研究,8:81-93
[摘 要] 在我国资本市场上，上市公司与其控股股东之间的关联投资是一种常见的投资现象，也是一种重要的关联交易形式。本文从“效率促进”和“转移资源”的视角对我国大股东控制下的上市公司关联投资进行分析。以2002-2005年的样本数据为依据，研究结果表明：上市公司的关联投资与企业绩效呈现负相关关系，关联投资并未增加企业价值，而是成为控股股东转移上市公司资源的一种渠道。进一步，当上市公司前一年发实施了IPO或SEO，EBIT较高时，关联投资与企业绩效呈现负相关关系；而当上市公司ROE为负或三年平均ROE在6%-8%之间时，关联投资与企业绩效显著正相关，说明控股股东会根据上市公司可供转移的资源多寡，通过关联投资将资源转出或转入上市公司，以实现控制权私利的最大化。
[关键词] 关联投资；效率促进；掏空；支持；治理环境
The Related Party Investment Controlled by Controlling Shareholder:
Efficiency Enhancing or Resource Transfer
Abstract: Related party investment between listed companies and their controlling shareholders is a frequently occurring phenomenon as well as an important form of related party transactions. From the perspectives of both “efficiency enhancing” and “resources transferring”, this study analyzes related party investments in listed companies under the control of controlling shareholders based on the sample data through 2002 to 2005. Research results indicate a negative relationship between related party investments in listed companies and companies’ performance. Related party investments do not add value to companies, and become an approach for controlling shareholders transferring companies’ resources. Specifically, when a company’s EBIT is high, related party investment is negatively correlated with company’ performance for firms conducting IPO or SEO in the previous year. However, when a company’s ROE is negative, or its average ROE for the past three years is ranged from 6% to 8%, related party investment is significantly correlated with company’ performance. Our research results imply that, based on the amount of manageable resources, controlling shareholders are likely to transfer resources into or out of companies through related party investments for the purpose of self-interests maximization.
Key Words: related party investment; efficiency enhancing; tunneling; propping; governance environment
参考文献
Aharony .Joseph, Jiwei Wang and Hongqi Yuan,2005, Related party transactions as a direct means for earnings management, working paper.
Cho. M, 1998, Ownership structure, investment and the corporate value, Journal of financial economics, 47,103-121.
Cho, Y.-D., 1995. Company investment decisions and financial constraints: An analysis of a panel of Korean manufacturing firms. Working paper, School of East Asian Studies, University of Sheffield.
Coase,R.C.,1960. The Problem of Social Cost. Journal of Law and Economics,3:1-44.
Denis D.K. and McConnell J J.,2003, International corporate governance[J].Journal of Financial and Quantitative Analysis, 38:1-36.
Dennis C. Mueller and B. Burcin Yurtoglu 2000. Country Legal Environments and Corporate Investment Performance, German economic review, 1 :187–220.
Friedman , E. , S. Johnson , T. Mittton , 2003 , Propping and Tunneling, Journal of Comparative Economics . 31:732-750.
Gertner,R., Scharfstein,D., and Stein,J.,1994, Internal Versus External Capital Markets .The Quarterly Journal of Economics,4:1211-1230.
Gugler, K., and B. B. Yurtoglu, 2003. Corporate Governance and Dividend Pay-Out Policy in Germany. European Economic Review 47: 731-758.
Hakan Orbay and B. Burcin Yurtoglu,2006. The impact of corporate governance structures on the corporate investment performance in Turkey corporate governance: an international review, 14 (4 ):349-363,.
H.Orbay, B.B Yurtoglu.2006.The Impact of Corporate Governance Structures on the Corporate Investment Performance in Turkey. Corporate Governance: An International Review. 14 :349-363
Hoshi ,T., A. Kashyap and D.1991. Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups Quarterly. Journal of Business and Economics, 106:33-60.
Jian，M., and T.J. Wong，2007, Propping and Tunneling through Related Party Transactions, Working Paper.
Johnson, S., R.,La Porta , F., Lopez-De-Silanes, A., Shleifer , 2000 , Tunnelling, American Economic Review 90:22-27.
Joseph P.H. Fan, T.J. Wong, and Tianyu Zhang, 2007. Organizational Structure as a Decentralization Device: Evidence from Corporate Pyramids, working paper.www.ssrn.com.
Khanna,2000. Business groups and social welfare in emerging markets: Existing evidence and unanswered questions. European Economic Review.44:748-761
Khanna, T. and K. Palepu, 1997, Why focused strategy may be wrong in emerging markets, Harvard Business Review 75(4), 41-51.
Khanna, T and K. Palepu, 2000, Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups, The Journal of Finance 55 (2), 867-892.
McConell ,J. J and H. Servaes,1990, Additional evidence on equity ownership and corporate value, Journal of financial economics,27,595-612.
McConell ,J.J. and Muscarella,C.J.1985. Corporate capital expenditure decisions and the market value of the firm, Journal of financial economics,14:339-422
Morck , R., A. Shleifer and R. Vishny,1988, Management ownership and market valuation. Journal of financial economics,20,293-315.
Pagano, M., and A., Roell,1988, The Choice of Stock Ownership Structure Agency Costs, Monitoring, and The Decision To Go Public, The Quarterly Journal of Economics.188-225
Stein, Jeremy C.,1997,Internal Capital Market and the Competition for Corporate Resources, Journal of Finance,52,111-133.
Stein,2001.Agency, Information and Corporate Investment, working paper. www.ssrn.com.
Shin H, Park Y.S., 1999 .Financing constraints and internal capital markets: Evidence from Korean chaebols. Journal of Corporate Finance,5:169-191.
Shleifer, A., and R.W., 1997.Vishny. A Survey of Corporate Governance. Journal of Finance.52:737-783
Williamson,O.E.,1985. the econominc institutions of capitalism, New York,NY: The free press.
Wolfenzon,D.,1999；A theory of pyramidal ownership.working paper, Harvard University.
Woolridge,1988. Competive decline and corporate restructuring: is a myopic stock market to blame? Journal of applied corporate finance,1:26-36.
白重恩等,2005.中国上市公司治理结构的实证研究.经济研究,2:81-91.
陈晓,王琨.2005.关联交易、公司治理与国有股改革——来自我国资本市场的实证证据.经济研究. 4:77-97.
樊纲,王小鲁.2001（2003，2004）.中国市场化指数——各地区市场化相对进程年度报告.经济科学出版社.
郝颖等,2006.上市公司大股东控制下的资本配置行为研究—基于控制权收益视角的实证分析.财经研究,8:81-93
