【作者】 王磊；

【导师】 傅代国；

【作者基本信息】 西南财经大学 ， 会计硕士（专业学位）， 2020， 硕士

【副题名】以中航资本为例

【摘要】 随着金融业的发展,金融控股公司出现的数量越来越多。如何监管这些金融控股公司,也是监管部门不断在探索的课题。针对金融控股公司的关联交易,国内学术界也做了很多研究,但主要集中在风险分析、监管法律等方面,对关联交易对金融控股公司的绩效影响研究较少。考虑到目前的国内金融控股公司的现状,以及国有上市公司在公司治理、规范运作、信息披露等方面的相对优势,本文选取了国有金融控股上市公司中航资本作为研究对象,对关联交易对公司绩效的影响进行了研究。通过对中航资本关联交易案例研究,为投资者提供相应意见并为监管层对我国金融控股公司制定监管政策提供了一定的参考。本文首先回顾金融控股及关联交易的相关文献及理论,以交易成本理论、协同理论、掏空和支持理论为基础,分析金融控股公司产生关联交易的动因。本文根据金融控股公司的特点,将关联交易分为了日常性关联交易和非日常性关联交易两种类型,并针对其特点,分别采用了事件研究法研究了非日常关联交易对上市公司的市场绩效的影响、采用财务指标法研究了日常关联交易对上市公司的财务绩效的影响。通过研究发现,公允的关联交易可减少交易成本、实现协同效应,对于非日常关联交易,特别是并购交易,对公司的市场绩效主要为短期影响,市场绩效是提升还是削弱,要具体看事件的性质、当时时间点的市场偏好、大股东主导本次关联交易的意图等各方面综合因素才能决定,但长期内上市公司由非日常关联交易带来的公司市场绩效将回归正常,长期市场绩效仍取决于关联交易本身是否能减少交易成本、实现协同效应;对于日常性关联交易,虽然对部分财务指标有不利影响,但只要上市公司对关联交易的良好控制,不会对上市公司造成非实质性的负面影响,关联交易给上市公司带来了更大的规模,在保证运营效率的情况下,有利于产生规模效应,从而降低公司整体风险。本文结合目前我国金融控股公司关联交易发生的具体现状,通过对典型案例的分析,研究金融控股公司关联交易对公司绩效的影响,为对金融控股公司的关联交易进行监管提供支撑依据,在此基础上针对如何规范金融控股公司的关联交易提出自己的思考与建议。但由于上市公司市场绩效受到多方面因素影响,此外我国证券市场常见的重大事项长期停牌制度,也可能导致事件研究法在计算得到的CAR值有偏差;通过会计指标法计算日常性关联交易对上市公司财务绩效的影响,部分常用指标由于上市公司信息披露不够完整无法计算,导致对财务绩效的分析可能不完整。随着我国证券市场制度的不断完善和未来监管要求的不断趋严,信息披露的逐渐丰富,研究方向可以是对于金融控股公司关联交易的大样本以及多模式的实证研究,以增强文章的说服力。更多还原

【Abstract】 With the development of financial industry,more and more financial holding companies appear in the industry.How to supervise these financial holding companies is also a subject that the supervision department is constantly exploring.Domestic academia has also done a lot of research on related party transactions of financial holding companies,but it mainly focuses on risk analysis,regulatory laws and other aspects,with little research on the impact of related party transactions on the performance of financial holding companies.Considering the current status of domestic financial holding companies,as well as the relative advantages of stateowned listed companies in corporate governance,standardized operation,information disclosure and other aspects,this paper selected AVIC capital,a stateowned financial holding listed company,as the research object,and studied the impact of related party transactions on corporate performance.By studying the impact of related party transactions on the performance of financial holding companies,this paper can provide some basis for regulators to formulate regulatory policies and provide some reference for the future development of China’s financial holding companies.In this paper,firstly,relevant literature and theories of financial holding and related transactions are reviewed.Based on transaction cost theory,synergistic theory,tunneling and supporting theory,the motivation of related transactions in financial holding companies is analyzed.According to the characteristics of the financial holding company,related party transactions can be divided into the daily related party transactions and non-daily related party transactions,and according to its characteristics,respectively,using the event study method to study the influence of daily transactions on the market performance of listed companies,financial index method is used to study the influence of non-daily transactions on the financial performance of listed companies.This paper argues that fair related transactions can reduce transaction costs,achieve synergies.The non-daily related transactions,especially for mergers and acquisitions,have mainly short-term impact to the company’s market performance.Weather the market performance is to enhance or weaken,it depends on the specific nature of events,and the market preference and main shareholder’s intention of related party transactions and so on.But in the long term,market performance which is bought by the non-daily related transactions of listed companies,will return to normal level.The long-term market performance is still depends on whether the connection transaction itself can reduce transaction costs,achieve synergies.Although daily related transactions have an adverse effect on parts of the financial indicators,but as long as the related transaction of listed companies is in good control,it will not have a substantial negative impact on the listed company.Related party transactions of the listed company has brought a greater scale.In the case of ensure operational efficiency,it is beneficial to produce scale effect,so as to reduce the risk of the company as a whole.This paper,by studying the financial holding company in our country the current situation of related party transactions,and the analysis of typical cases,conclude the financial holding company related party transactions influence on corporate performance,and provide some basis support for the related transactions of financial holding company regulatory,and provide some suggestions on how to standardize the financial holding company of related transactions.However,the market performance of listed companies is affected by many factors.In addition,the long-term suspension system of major events in China’s securities market may also lead to the deviation of CAR value calculated by the event research method.The influence of daily connected transactions on the financial performance of listed companies is calculated through the accounting index method.Some common indicators can’t be calculated due to the incomplete information disclosure of listed companies,so the analysis of financial performance may be incomplete.With the continuous improvement of China’s securities market system and the increasingly stringent regulatory requirements in the future,the information disclosure is gradually enriched.The research direction can be the empirical research on the large sample and multi-model of related party transactions of financial holding companies,so as to enhance the persuasive power of this paper.更多还原