Study On Related Party Transactions And Their Impact On The Value Of Media Listed Companies

Study on the related party transactions and their impact on the value of listed companies in china or abroad has been being a hottopic by both the academia and empirical. However the conclusions reached differ greatly, because of the methods, samples and indicators are different. As China’s cultural system and capital market reforms, the media listed company’s performance in the capital market more and more attention by scholars.. Because the difference between media companies and other companies, so the related party transactions of media listed companies are special.Based on the analysis of domestic and foreign scholars’research, this paper select the data of12media listed companies from2002to2009as a sample to study the situation of related party transactions and their impact on the value of the company. First of all, introduce the theory about related party transactions and analyze their impact on the value of campany.Then,statistic the situation of related party transactions of media listed companies.Then, real the relationship between the size and the number of related party transactions and the value of companies by using panel data model. Last, we analyze the possible reasons for this influence,through the anlyze about high ownership concentration and high asset-liability ratio. The empirical results show that:first,the media listed companies’s related part transactions occurrence necessity and frequently;There is a significant negative correlation between the amount of related party transactions and enterprise value, the frequency of related party transactions also negatively related to company value,but not significant; The stake percent of top five shareholders,equity checks and balance and asset-liability ratio are positively related to company value.Through empirical examination, we hope to reveal the special nature of the media industry, and then raise many worthy suggestions to the future system construction.