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利用2007-2010年沪深两市上市公司数据,考察具有高管背景的独立董事对上市公司关联交易的影响。研究发现具有高管背景的独立董事越多,上市公司关联交易程度越强。考虑了终极控制人因素发现,国有上市公司中具有高管背景的独立董事数量与管理交易程度并没有显著的相关关系,而在民营上市公司中,具有高管背景的独立董事数量与上市公司关联交易程度显著正相关,且在分析中发现民营上市公司进行关联交易的目的是增加商业信用,缓解公司的融资约束。
Using the data of listed companies in Shanghai and Shenzhen stock markets from 2007 to 2010, this paper examines the impact of independent directors with senior executives on connected transactions of listed companies. The study found that the more independent directors with senior management background, the stronger the degree of related party transactions in listed companies. Considering the ultimate controlling factor, we found that there is no significant correlation between the number of independent directors and the level of management transactions in the state-owned listed companies. However, in the private listed companies, the number of independent directors with executive background is related to the listed companies The degree of transaction is significantly and positively correlated, and in the analysis, it is found that the purpose of related party transactions of private listed companies is to increase commercial credit and ease the financing constraints of the company.