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《Journal of Lixin Accounting Institute Quarterly》 2005-06
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Related Party Transactions and Firm Value with the Empirical Evidence from China's Security Market

Related party transactions became one of the focuses concerned raised by Enron's financal scandial.What is effect to the listed companies with related party transactions? In this paper,first,we find RPTs are wide spread to the listed companies through descriptive analysis.Then,after examining the relationship between RPTs and firm value,we find that RPTs with control shareholders or brotherhood companies misappropriate the resources of the Iisted companies,and be detrimental to firm value,which supports the conflict of interest hypothesis;and that RPTs with subsidiary companies transfer the resources to the Iisted companies will be helpful to firm value and supports the efficient transactions hypothesis.
【CateGory Index】: F224;
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