关联方资金占用与上市公司财务状况关系的实证研究

选取2001-2004年172家配股公司作为研究样本,建立数学模型对关联方资金占用和上市公司财务状况的关系进行了实证研究。检验发现:有四种类型的公司更容易被关联方占用资金,分别是:自由现金流量年末余额较小的公司、年度内负债增加额较大的公司、年末资产负债率较低的公司、资产规模较大的公司。政策建议为:在上市公司年报第一部分"会计数据和业务数据"摘要里增加自由现金流量、负债变动额、资产负债率和资产总额披露指标;注册会计师对关联方资金占用进行专项审计时,应审计上述指标;在完善配股条件时,增加自由现金流量不能为负数的标准。

An Empiric Study of the Relationship between Related Party Possessing Funds and Listed Company's Financial Condition

The article has selected 172 listed companies of Seasoned Equity Offerings as sample from 2001 to 2004.By setting up regression model with five independent variables,the essay verifies the relationship between related party possessing funds and listed company's financial condition.The outcome is as follows: related parties possess the funds of four type listed companies.They are the company which free cash flow is lower at the end of the year,the company which debts increasing higher in the year,the company which leverage ratio is lower at the end of the year,the company which assets are higher.The policy suggestions are as below: Increase the disclosing index in the first part of financial reports.They are the index of free cash flow,debts changing in the year,leverage ratio and assets.The CPA should audit the increasing disclosing index while auditing the funds possessed by related parties.The free cash flow shouldn't be negative number when listed companies getting the right of Seasoned Equity Offerings.