An Empirical Study On The Relationship Between Related Transactions Of Listed Companies And Company Performance

Related transactions are an important financial behavior of the entire company.Related transactions start from a long time before.Enterprise take related transactions initially due to transactions between associated enterprises can not only ensure efficient transactions but can reduce the cost that getting the commercial information.from outside.the main starting point of this study is to explore the related transactions,especially associated with the purchase and sale would significantly affect the company's performance.The article selected non-ferrous metals,electric power,steel,coal,and four industries because these industries are mostly related to the country's infrastructure,the existence of barriers to enter on,and with a certain degree of monopoly,so the degree of related transactions will improve.Through the experience of research methods,select 2007-2011 as the sample of these four sectors,combined with industry characteristics,descriptive statistics,multiple regression analysis,and correlation analysis to verify the assumptions of this article.And concluded that:(1)non-ferrous industry model is more significant with the associated procurement and associated sales,respectively,5%significance level of performance significantly with,but as control variables assets liabilities rate,the total assets of the natural logarithm of the first a large proportion of shareholding is significant at the 5%level.Stake of independent directors of this indicator,compared with not significant.(2)The associations of the electricity industry sales in the 5%level,the association purchasing performance was not significant.Asset-liability ratio as control variables,the total assets of the natural logarithm of the performance significantly.(3)The steel industry and coal industry in the model the overall performance significantly.Although the result of the steel industry and coal industry is not significant,four industries have been associated with procurement and associated sales performance of the company's direction.Associated negatively related to procurement and performance of the company,and the associated sales is positively correlated with company performance.Previously,the author of related transactions is classified into a cash outflow and cash inflow type.The results of the statistical inflow are much larger than the outflow.This author is more consistent empirical results.This also proved that the mainstream view of the theoretical circle,related parties listed company's capital position in the market,by non-fair related transactions of listed companies to obtain excess returns,and interests through related transactions to the related enterprises.