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本文利用事件研究法,通过Eviews设立模型,检验了2012年,市场对于上市公司关联交易的反应程度。通过使用上市公司关联交易的规模,本文发现,相比控制权集中的公司,控制权分散的公司在公布关联交易前后超额收益率更大。另外,较强政治关联的上市公司能够从关联交易中获利,这意味着股东预期政治关联的公司能够在关联交易中拥有更大利益输送的可能性。
This essay uses event research method to establish a model through Eviews to test the market reaction to the related party transactions of listed companies in 2012. By using the scale of related party transactions in listed companies, this paper finds that the companies with decentralized control have more excess returns before and after the related party transactions than those with centralized control. In addition, listed companies with strong political connections can benefit from the connected transactions, which means that the shareholders expect the politically related companies to have the possibility to transfer more interests in the connected transactions.