【作者】 王宁；

【导师】 路军伟；

【作者基本信息】 山东大学 ， MBA（专业学位）， 2021， 硕士

【摘要】 近年来,我国资本市场上多次出现财务造假、大股东侵占上市公司利益的案件,引发了社会各界的关注,关联交易型利益输送,往往是案件的重灾区。以关联财务公司为通道的利益输送,是关联交易型利益输送的一种特殊形式,有隐蔽性强、危害性大的特点,通常会被上市公司的中小股东、债权投资者、资本市场监管者忽视。例如近期发生的DXGD公司中票兑付逾期事件,主要原因是DXGD公司存放在DX集团财务公司中的海量货币资金无法提取,导致无法偿还债务,从而引发了上市公司的财务危机,致使广大投资者蒙受损失。上市公司与集团公司控制的财务公司之间的业务往来,以及集团财务公司对外所开展的业务,往往都是披着合规的外衣,属于监管盲点。所以,如何识别上市公司存在通过关联财务公司进行利益输送以及如何监管此类利益输送,成为了上市公司广大利益相关者以及资本市场监督管理者亟待解决的问题。借助文献研究法,本文整理了众多国内外学者对关联交易、利益输送、我国财务公司现状等的研究成果进行总结,发现关联交易型利益输送的方式有很多、也是监管的重要领域,但以财务公司为通道的利益输送却鲜有文献,对财务公司资金流向及对上市公司风险传导的方面的研究几乎无人问津,本文在国内外学者研究的基础之上,从财务公司视角完善了关联交易型利益输送的研究。借助案例研究法,本文精选了DX集团、BG集团的案例,通过其控制的上市公司的公示数据,经过数据整理、逻辑推理、财务分析,推导出上市公司存在以财务公司为通道向集团公司输送利益的问题,并根据案例,总结出此类利益输送的特征、方法和途径,之后借助案例,对此类利益输送的深层次原因做进一步分析。通过文献回顾,可以看出,以财务公司为通道的利益输送并未引起学术界的广泛关注,可以推测上市公司中小股东、债权投资人、资本市场监督管理者对此类利益输送关注度较低,本文拟通过调查法,采用线上问卷调查的方式,对股民、金融机构投资从业人员、资本市场监管人员进行调查,来了解上市公司的利益相关者对此类利益输送的了解程度和关注程度,通过调查问卷,可以判断出上市公司的利益相关者对财务公司与集团财务公司的关联交易了解程度不够,滋生了此种关联交易的产生。本文的结论,能够完善关于防范关联交易型利益输送的研究,发现了上市公司可以通过表面合规的方式,通过关联财务公司实现对上市公司的资金占用或利润转移;发现了通过财务公司进行利益输送是监管盲点,中国人民银行、中国银保监会、证券交易所、中国证监会等监管机构监管制度不完善,各机构间监管并不联动、信息的不对称滋生了此种关联交易的产生;发现了以财务公司为通道的利益输送,对企业的盈利能力、偿债能力、股价水平均能产生负面影响,对中小股东、债权人的利益侵害较大;发现了公司治理的缺陷,也滋生此种关联交易型利益输送的产生,主要体现在独立董事、监事会的失职。建议上市公司的中小股东、债权投资人,重视上市公司通过关联财务公司进行利益输送的行为,利用法律赋予的权利,积极参与上市公司的决策以维护自身权益;建议资本市场的监督管理者尽快完善制度,对上市公司与集团财务公司的关联交易进一步加以制约,增加各监管机构间的信息共享,必要时可对会计准则进行修订,以减少上市公司外部利益相关者对上市公司实际资信状况的误判。更多还原

【Abstract】 In recent years,there have been many cases of financial fraud and major shareholders infringing on the interests of listed companies in the capital market of our country,which has aroused the attention of all sectors of society.The transfer of related party transactions is usually the most hit area.The benefit transmission method using affiliated financial companies as the channel is a special form of affiliated transaction-type benefit transmission.It has the characteristics of strong concealment and great harm.It is usually supervised by small and medium shareholders of listed companies,creditor investors,and capital market.For example,the recent case of Dongxu Optoelectronics bond redemption overdue was mainly due to the inability to withdraw the huge amount of money deposited by Dongxu Optoelectronics in Dongxu Group Finance Company,resulting in the inability to repay debts,which triggered the financial crisis of listed companies.And cause most of the investment to suffer losses.Business dealings between listed companies and financial companies controlled by group companies,as well as the external businesses of group finance companies,are often under the cloak of compliance,which is a regulatory blind spot.Therefore,how to identify the transfer of benefits of listed companies through affiliated financial companies and how to supervise such transfers of benefits has become an urgent problem for the majority of stakeholders,investors,and capital market supervisors and managers of listed companies.With the help of normative research methods,this article summarizes the research results of many domestic and foreign scholars on related party transactions,interest transmission,and the status quo of financial companies in China.It is found that there are many ways of related party transaction-type interest transmission,which are also important areas of supervision.There is little literature on the company’s benefit transmission for the channel,and almost no one is interested in the research on the flow of funds of financial companies and the risk transmission of listed companies.Based on the research of domestic and foreign scholars,this article has perfected related transactions from the perspective of financial companies.Research on the transfer of type benefits.With the help of case study method,this article selects the cases of Dongxu Group and Baotou Steel Group.Through the disclosed data of their listed companies,through data sorting,logical reasoning,and financial analysis,it is deduced that listed companies use financial companies as the channel to report to the group.The company’s transfer of benefits,and based on cases,summarizes the characteristics,methods and ways of such benefits transfer,and then uses cases to further analyze the deep-seated reasons for such benefits transfer.Through literature review,it can be seen that because the transfer of benefits through financial companies has not attracted widespread attention from the academic community,it can be speculated that the small and medium shareholders of listed companies,debt investors,and capital market supervisors and managers pay more attention to the transfer of such benefits.Low,this article intends to use the survey method to use online questionnaire surveys to investigate stockholders,financial institution investment practitioners,and capital market regulators to understand the level of understanding and concerns of stakeholders of listed companies on the transfer of such benefits Through the questionnaire,it can be judged that the stakeholders of the listed company have insufficient understanding of the related transactions between the financial company and the group financial company,which breeds the occurrence of such related transactions.The conclusion of this article can improve the research on preventing the transfer of related-party transactions.It is found that listed companies can use the related financial company to realize the capital occupation or profit transfer of the listed company through the surface compliance method.It is found that the financial company conducts benefits Transmission is a regulatory blind spot.Regulatory systems such as the People’s Bank of China,China Banking and Insurance Regulatory Commission,Stock Exchange,and China Securities Regulatory Commission are imperfect,and the supervision of various agencies is not linked,and the asymmetry of information breeds the occurrence of such related transactions;The transfer of interests through financial companies can have a negative impact on the profitability,solvency,and stock price level of the company,and will infringe the interests of small and medium shareholders and creditors.The defects of corporate governance also breed this type of related party transactions.The transfer of benefits is mainly reflected in the negligence of independent directors and the board of supervisors.It is recommended that small and medium shareholders and bond investors of listed companies pay attention to the behavior of listed companies to transfer benefits through affiliated financial companies,and use the rights granted by the law to safeguard their rights and interests in the decision-making of listed companies;it is recommended that the supervisory and manager of the capital market improve the system as soon as possible.Further restrict the related transactions between listed companies and group financial companies,increase information sharing between various regulatory agencies,and revise accounting standards when necessary to reduce the misjudgment of the actual credit status of listed companies by external stakeholders of listed companies.更多还原