| Driven by the economic "dual circulation" development pattern,our country’s market economy has been continuously improved,with the currency market and capital market have become increasingly mature,providing a necessary catalyst and broad future application space for the derivative of related transactions.However,due to the concealment of related transactions,there is still a lack of effective theoretical mechanisms and countermeasures for the identification and monitoring of risks.Therefore,it is a crucial topic with both theoretical and practical significance to explore the impact of related transactions on the financial risk of listed companies,revealing its internal mechanism and optimization path.This paper first systematically reveals the internal impact mechanism of related transactions on the financial risk of listed companies and the external contagion path to the financial crisis of related parties from the theoretical level.Based on the financial risk quantification method of our country’s current national conditions,and the level of capital flow,corporate heterogeneity,governance environment of related transactions,this paper investigates the differential impact of related transactions on the financial risk of listed companies.Finally,the contagion model of financial crisis among related parties is constructed,which makes up for the lack of the existing literature on the financial risk transmission model between related companies,and examines the mediating effect and mechanism of different types of related transactions.The research conclusions of this paper are as follows:First,on the whole,related transactions will significantly increase the financial risk of listed companies,and its effect is related to the direction of the transaction.The outflow of related transaction funds has a greater impact on the financial risk of listed companies.Second,the impact of related party transactions on the financial risk of listed companies varies significantly with the nature of the company(equity nature and company size)and environments(internal governance and external supervision).Third,there is a financial crisis contagion effect between related parties.When a listed company’s related parties experience financial crisis,it will increase the financial risk of the listed company,and mainly through the outflow of related purchase and sales funds,capital financing and asset transactions.The research results of this paper are of great significance for improving the information disclosure and governance environment of related transactions of listed companies through policy design,reducing the financial risks of their related transactions,maintaining market transaction order and investors’ rights,and better playing their positive role. |
