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《企业会计准则第 36 号——关联方披露》中对于完善关联交易的相关信息披露制
度以及对于关联方关系的认定和关联交易的定价等制度给予了明确的规范，但是具体
的操作还有很长远的路。本文在此背景下，以 2010 年至 2015 年创业板上市公司数据
为研究样本，在国内外研究现状和相关概念及理论的基础上，提出相关研究假设并选
取相关变量，同时构建回归模型，采用多元线性回归分析。通过引入中介变量，借助
Stata11.0 软件对样本数据进行了实证分析，研究了公司股权结构、关联交易与企业价
值三者之间的关系，接着进一步将关联交易分为公允关联交易与非公允关联交易以及
将其分为担保抵押、经常性发生的关联交易和不常发生的关联交易方式深入研究发生
作用的究竟是哪种关联交易以及通过什么方式实现，从而为企业提高自身价值提供依
据
本文以关联交易为研究核心，用股权集中度(第一大股东持股比例)以及股权制衡度
(第二至第五大股东持股总和与第一大股东持股比例比值)衡量公司股权结构，用托宾 Q
衡量企业价值，探讨了关联交易对公司股权结构和企业价值的中介效应。实证结果表
明：（1）第一大股东持股比例与企业价值有显著的负相关关系，第一大股东持股比例
越大，越不利于企业价值的提升；有其他股东对于第一大股东进行股权制衡的时候有
利于企业价值的提升，说明其他股东起到了监督的作用，这证明了与很多学者研究的
股权制衡能改善公司的治理结构，提升企业价值这一结论；（2）第一大股东持股比例
与关联交易具有显著的正相关关系，即第一大股东持股比例越高，越有动机利用关联
交易降低企业的交易成本，或者通过关联交易作为私人工具来损害公司利益；有其他
股东对第一大股东进行股权制衡的时候将会抑制关联交易的发生；（3）关联交易对于
股权结构与企业价值有中介效应，其中真正发挥大作用的是非公允的关联交易，这种
中介效应的显著性检验证明了研究关联交易对股权结构与企业价值其的中介效应是显
著的；（4）深入将关联交易分类进行回归分析之后，发现关联交易对于股权结构和企业价值的影响主要是通过非经常性关联交易方式实现的，说明这类关联交易虽然发生
频率较低，发生额也不是特别大，但是却容易因为这些特点被人利用，从而对企业造
成损害，降低其企业价值
本文在最后总结了相关研究结果，并且针对这些研究结果提出了一些相关建议，
同时指出文章研究的不足之处以及未来的可能研究方向
关键词：股权结构；关联交易；企业价值；中介效应
摘要Abstract
III
Abstract
The related party transaction is the internal transaction between the enterprise and the
affiliated party. With the development of economy and the market, the frequency of related
party transactions is getting higher and higher. This kind of insider trading brings great
convenience to enterprises, so enterprises are more and more inclined to related party
transaction. However, the regulatory mechanism of related party transactions is still not
perfect, the relevant laws and regulations are more inclined to the theory than practice.
Therefore, scholars pay more and more attention to the research of related party transactions.
Enterprise Accounting Standards No. thirty-sixth - related party disclosure gives a
clear specification to improve information disclosure of related party transactions, and
identifies the related party relationship and the pricing system of related party transactions.
But the specific operation is still quite a long way to go. Based on the background, this paper
takes the data from 2010 to 2015 as the sample, based on the research status and related
concepts and theories at home and abroad, and puts forward the relevant research hypotheses
and selects relevant variables. Multiple regression analysis was used to construct the
regression model. Through the introduction of intermediary variables, with the help of
Stata11.0 software, the empirical analysis of the sample data, and studies the relationship
between ownership structure, related party transactions and enterprise value of the three
companies. Then divides the transaction into fair related transactions, non-fair related
transactions and mortgage guarantee, and divides into the regular occurrence of the related
transactions and unusual transactions research of what types of transactions and by what
means to achieve, so as to provide the basis for enterprises to improve their own value.
In this paper, I study on related party transaction, by equity concentration (the
largest shareholder shareholding ratio) and the degree of equity checks and balances (second
to the fifth shareholder of the total shareholding ratio of the largest shareholder ratio) to
measure the ownership structure of the company, using Tobin Q to measure enterprise value,
discusses the mediating effect of related party transactions on ownership structure and firm
value. Empirical results show that (1) there is a significant negative correlation between the
proportion of the largest shareholder and the enterprise value. The greater the proportion of广东工业大学硕士论文
IV
the largest shareholder, the more difficult to enhance the value of the enterprise. There are
other shareholders for the first major shareholder equity checks and balances is conducive to
the promotion of enterprise value, it means other shareholders plays a supervisory role. This
proves that the study of the balance of ownership with many scholars can improve the
corporate governance structure and enhance the value of the enterprise. (2)There is a
significant positive correlation between the proportion of the largest shareholder and related
party transactions. The higher the proportion of the largest shareholder holds, the more
motivated he is to use related party transactions to reduce transaction costs, or the less he
wants to harm the interests of the company. And there are other shareholders of the largest
shareholder equity checks will inhibit the occurrence of related party transactions as well. (3)
Related party transactions have mediating effects on ownership structure and firm value, one
of this real role is to play a non-fair related party transactions. The significance test of the
mediating effect proves that the mediating effect of the related party transaction on the
ownership structure and firm value is significant. (4) After the regression analysis of related
party transactions, it is found that the effect of related party transactions on the ownership
structure and firm value is mainly realized by the way of non-recurring related transaction.
Although the frequency of this kind of related party transactions is low, and the amount is
not particularly large, but it is easy to be used because of these characteristics, so as to cause
damage to the enterprise, reduce its enterprise value.
At the end of this paper, the related research results are summarized, some
suggestions are put forward according to the results. At the same time, it also points out the
shortcomings of the research and the possible research directions in the future.
Key words: Ownership structure; Connected transaction; Firm value; Mediating effect广东工业大学硕士论文
VI
目录
摘要.I
Abstract.... III
目录..........VI
Contents ... IX
第一章 绪论......... 1
1.1 研究背景和意义 . 1
1.1.1 研究背景 ... 1
1.1.2 研究意义 ... 1
1.2 文献综述.. 3
1.2.1 公司股权结构影响企业价值的文献综述 ......... 3
1.2.2 公司股权结构影响关联交易的文献综述 ......... 3
1.2.3 文献综述 ......
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