反哺还是机会主义利己?——对IPO阶段企业控股股东支持性关联交易的研究
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引用本文:邱 静,杨 妮.反哺还是机会主义利己?——对IPO阶段企业控股股东支持性关联交易的研究[J].财经理论与实践,2021,(3):85-93
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作者单位
邱 静,杨 妮 (贵州财经大学 会计学院贵州 贵阳 550025) 
中文摘要:选取2001-2019年A股IPO企业为研究样本,运用回归分析检验IPO阶段企业控股股东支持性关联交易的性质。研究结果显示,IPO前企业控股股东的支持性关联交易行为并不是着眼于企业长期发展的反哺,而是控股股东的短期机会主义利己行为。同时,盈利水平差、融资约束严重及外部市场法治化程度低的企业控股股东倾向于采用支持性关联交易“反哺”企业,而信息不对称程度并不影响“反哺”决策。进一步分析表明,控股股东更倾向于采取担保类和销售类支持性关联交易,且更倾向于在IPO前一年对上市企业提供爆发式的支持。
中文关键词:反哺  机会主义利己  IPO阶段  支持性关联交易
 
Feedback or Opportunistic Egoism Behavior?——Study on the Supporting Related Transactions during IPO Period during IPO Period
Abstract:The research selects A share IPO enterprises from 2001 to 2019 as research samples, and uses regression analysis to test the nature of the supporting related party transactions of the controlling shareholders in the IPO period. The results show that the main purpose of the supporting related party transactions of the controlling shareholders before IPO is not to help the long term development of the enterprise, but the short term opportunistic egoism behavior of the controlling shareholders. Enterprises with poor profit level, serious financing constraint and low degree of external market rule of law tend to adopt supporting related transactions to "back feed" enterprises, but the degree of information asymmetry does not affect the decision of "back feed". Further analysis shows that controlling shareholders are more inclined to adopt guarantee and sales supporting related transactions, and are more inclined to provide more support to listed companies in the year before IPO.
keywords:feedback  opportunistic egoism behavior  IPO period  supportive related party transaction
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