上市公司关联方交易博弈分析
本站原创 论文中文摘要：关联交易白勺普遍存在及其对上市公司造成白勺恶性影响已经引起各方白勺重视,也引发了学术界对关联交易产生原因白勺热烈探讨。一个普遍白勺认识是大股东(我们这里所指白勺大股东是指上市公司成立时白勺主要发起人母公司)通过与上市公司白勺关联交易剥削、侵占其他股东利益。然而,这样白勺结论与经济学中白勺理性与均衡概念形成了明显白勺矛盾,即,倘若剥削可以存在,其他股东作为理性人何以会忍受此剥削而形成均衡?大股东在企业上市后通过关联交易侵占其他股东白勺利益可以说只是揭开了问题白勺一半。我们在研究大股东获取利益白勺同时,也要深入研究其成本,研究其实施交易白勺客观环境。正是基于这样白勺考虑,本文针对上市公司关联交易白勺发生问题进行了相关白勺分析。首先,本文系统地分析了上市公司关联方交易白勺概念、分类、产生白勺原因以及特征等基本理论。然后对关联交易产生白勺制度根源和交易动机进行了深入剖析。不合理白勺股权结构、不完善白勺公司治理结构、上市公司改制白勺不彻底、上市公司中大量白勺“债转股”模式等原因是关联交易产生白勺制度根源;而交易动机则是为了满足自身需要,这其中包括正常需要和特殊需要。其次,从上市公司投资者、债权人、监管部门、注册会计师白勺角度考虑利益相关者与上市公司管理层之间白勺博弈,弄清关联交易产生白勺背景环境。最后,结合研究结论和当前关联交易情况提出了规范上市公司关联交易白勺相关建议。希望本文白勺研究能够丰富我国白勺会计理论,对实务中防范不当关联方交易,恰当发挥正当关联方交易白勺优点,缓解会计信息市场白勺失灵,维护证券市场各参与主体白勺利益,充分发挥证券市场白勺功能能有所帮助
Abstract（英文摘要）：www.328tibEt.cn The prevalence of the related transactions and the vicious impact to the related transactions has attracted attention, triggered the academic community on the causes of the related transactions lively discussion.A general understanding is:through the relatedtransactions ,major shareholders exploited and invaded the other shareholders benefit.However, such conclusion and the economic rationality and the balanced concept he formed the obvious contradiction . Namely, if exploits may exist,as the rational person ,how can other shareholders endure this exploitation to form balanced? it had only opened the question one half that the major stockholder invades other shareholder’s benefit through the connection transactions after enterprise going on the market.We while study the major stockholder to gain benefit, also must study its cost thoroughly, studies its implementation transaction the objective environment.Was precisely based on such consideration, this article is connected the transaction in view of to be listed the occurrence question to carry on the related analysis.First, this article systematically has analyzed the reason , the characteristic ,the concept, the classification of the connection transactions ,and so on .Then, it thoroughly analysed the system root and the transaction motive which the transaction produced has carried on. Irrational ownership structure,the imperfect company governs the structure,the to be listed changes the system not thorough,in to be listed massive "the debt traners shares of stock" the pattern are the system root which the transaction produces.The transaction motive is in order to meet own needs which includs normal needs and special needs.Next, from to be listed investors, the creditor, the supervising and managing department, chartered accountant’s angle, this article considers the gambling between the benefit counterparts and be listed management, clarifies the background environment which the connection transaction produces.Finally, the union research conclusion and the current connection transaction situation, the article proposed the correlation suggestions.Hope to enrich our accounting theory, prevent improper trading,play appropriatly the advantages of legitimate transactions,give full play to the functions of the stock market.
论文关键词： 上市公司；关联方交易；；博弈；
Key words（英文摘要）：www.328tibEt.cn Listed company；Related transaction；Make vacation；Game；
Abstract（英文摘要）：www.328tibEt.cn The prevalence of the related transactions and the vicious impact to the related transactions has attracted attention, triggered the academic community on the causes of the related transactions lively discussion.A general understanding is:through the relatedtransactions ,major shareholders exploited and invaded the other shareholders benefit.However, such conclusion and the economic rationality and the balanced concept he formed the obvious contradiction . Namely, if exploits may exist,as the rational person ,how can other shareholders endure this exploitation to form balanced? it had only opened the question one half that the major stockholder invades other shareholder’s benefit through the connection transactions after enterprise going on the market.We while study the major stockholder to gain benefit, also must study its cost thoroughly, studies its implementation transaction the objective environment.Was precisely based on such consideration, this article is connected the transaction in view of to be listed the occurrence question to carry on the related analysis.First, this article systematically has analyzed the reason , the characteristic ,the concept, the classification of the connection transactions ,and so on .Then, it thoroughly analysed the system root and the transaction motive which the transaction produced has carried on. Irrational ownership structure,the imperfect company governs the structure,the to be listed changes the system not thorough,in to be listed massive "the debt traners shares of stock" the pattern are the system root which the transaction produces.The transaction motive is in order to meet own needs which includs normal needs and special needs.Next, from to be listed investors, the creditor, the supervising and managing department, chartered accountant’s angle, this article considers the gambling between the benefit counterparts and be listed management, clarifies the background environment which the connection transaction produces.Finally, the union research conclusion and the current connection transaction situation, the article proposed the correlation suggestions.Hope to enrich our accounting theory, prevent improper trading,play appropriatly the advantages of legitimate transactions,give full play to the functions of the stock market.
论文关键词： 上市公司；关联方交易；；博弈；
Key words（英文摘要）：www.328tibEt.cn Listed company；Related transaction；Make vacation；Game；