臺灣博碩士論文加值系統

本研究旨在討論股權結構、關聯方交易及盈餘管理間之關聯性，主要針對中國大陸證券市場上市公司股權結構之特性，對其關聯方交易及盈餘管理是否產生影響加以研究。本文以2001至2003年底上海及深圳證券交易所內擁有關聯方交易之2,548家上市公司為研究樣本。股權結構衡量變數為國有股持股比率、法人股持股比率和流通股持股比率；關聯方交易則以關聯方交易總金額、關聯方銷貨交易金額、關聯方進貨交易金額、關聯方資產交易金額、關聯方抵押和擔保交易金額及關聯方其他交易金額為替代變數；盈餘管理方面，則以cross-sectional modified Jones model所計算出之可裁決性應計數字之絕對值作為衡量盈餘管理之替代變數。
研究結果發現：當上市公司國有股持股比率越高以及最終控制人為國家時，越容易發生關聯方交易，且其盈餘管理幅度亦越大；然當上市公司法人股及流通股持股比例越高時，越不容易發生關聯方交易，盈餘管理幅度亦越小；除此之外，在國有股持股比率越高的上市公司，亦越容易透過關係人交易進行盈餘管理。

This study examines the relationship between ownership structure, related party transaction, and earnings management of China’s listed firms. We use sample consisted of the listed firms with related party transactions on the Shanghai Stock Exchange and Shenzhen Stock Exchange over the period of 2001 to 2003. After deleting corporations with missing data, the final sample is 2,548 firm-years. The variables of ownership structure were measured by the proportion of state-owned shares, the proportion of legal-person shares, and the proportion of tradable A-shares; the variables of related party transaction were measured by the dollar of total related party transactions and its subsidiary items including purchase, sales, assets, mortgage, guarantee and so on. The absolute value of discretionary accruals is used to measure the level of earnings management.
The major findings are as follows: (1) the proportion of state-owned shares is positively related to the related party transaction and the earnings management; (2) the proportion of legal-person shares is negatively related to the related party transaction and the earnings management; (3) the proportion of tradable A-shares is negatively related to the related party transaction and the earnings management; (4) firms with higher proportion of state-owned shares tend to manage earnings by related party transaction.

第壹章　緒論 1
第一節　研究背景與動機 1
第二節　研究範圍及目的 4
第三節　研究架構 5
第貳章　文獻探討 7
第一節　股權結構 7
第二節　關聯方交易 14
第三節　盈餘管理 17
第參章　中國大陸證券市場概況以及關聯方交易相關法令 29
第一節　中國大陸證券市場股權結構概況 29
第二節 中國大陸關聯方交易相關法令規範 36
第肆章　研究方法 46
第一節 觀念性架構 46
第二節　研究假說 48
第三節 選樣設計與樣本來源 54
第四節　實證設計與模式 57
第五節　變數衡量 59
第伍章　實證結果 69
第一節　敘述統計及相關方析 69
第二節　複迴歸分析 79
第陸章　結論 95
第一節 結論 95
第二節 研究限制及後續研究建議 97
參考文獻 98

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