【作者】 毕茜；

【导师】 王锡桐；

【作者基本信息】 西南大学 ， 农业经济管理， 2010， 博士

【摘要】 我国上市公司的违规问题大多与关联交易有着直接或间接的联系。众多恶性关联方交易行为不仅损害了上市公司本身的利益,还严重损害了中小股东的利益,最终将动摇资本市场本身存在的基石。因此,研究和规范上市公司关联交易,加强对关联交易会计信息披露的研究是一个值得深入研究的问题。因此本文试图从一个新的视角——价格共识形成的视角进行分析,首先对交易进行确认,重构上市公司信息披露的模式,确保信息在资本市场里能有效、充分地表达,从而达到提高上市公司信息披露质量,保护我国中小投资者的合法权益,维护证券市场的繁荣与稳定的目标。本文采用规范研究、分析式研究和实验研究的方法进行研究。一、论文的研究内容针对目前上市公司关联交易披露存在的问题,从5个方面就围绕如何改进关联交易信息披露模式而展开研究。1.发现目前关联交易信息披露中存在的问题。无论国内还是国外研究,对关联交易问题的思考局限在：把关联交易与一般交易区分的思路是通过界定关联方来定义,中心在关联方的界定上,从而使关联交易及其披露的研究存在以下问题：①不具有区分性,即关联交易的特殊性没有与一般交易区分出来；②不具有直接性,由于关联交易仅仅在表外披露,约束力不强,信息披露不充分；③存在关联交易非关联化,从而逃避关联交易的信息披露问题。如果不能在理论上找到一个有效区分关联交易与一般交易的方法,那么无法提高信息披露的质量,达到降低关联交易危害的作用。2.价格共识形成的实验及理论证明。我们常说“关联交易的价格明显有违正常的交易价格”，这“正常的交易价格”指的是什么价格?如何定量呢?如何成为大家的共同知识呢?我们带着这样的问题到经济学基础理论里寻求解答。在对传统理论的不足进行分析的基础上,设计并完成了价格共识不能形成的实验和价格共识能形成的实验,首次提出了价格共识的概念,提出并证明了价格共识理论。此外,还构建理论模型,采用严格的数理逻辑对价格共识形成理论进行了推演证明。3.关联交易的确认、计量与披露分析。在对关联交易的确认与计量进行传统分析之后,基于价格共识形成理论进行了再分析,并用实验对价格共识形成理论结果加以进一步的论证。同时对关联交易新准则在披露上与旧准则、国际会计准则进行了比较。国内学者借鉴国际会计准则及其他国家会计准则中的合理成分,提出了一些改进的措施,本节就这些改进措施进行了简单评述,认为这些改进措施具有一定的积极意义,但无法解决关联交易非关联化的问题。4.财务信息披露模式的重构。通过阐述关联交易披露新模式的目的,提出了新模式的基本框架,包括新模式的会计核算设计及核算举例。在传统的借贷记账法的基础上,新增加交易分类这一要素,即根据交易的特性来判断每项经济业务是属于第Ⅰ类或是第Ⅱ类。在原会计报表的基础上,通过增加一个《第Ⅱ类交易表》,避免因原会计报表合并各种交易所带来的交易属性丢失以及价格可比性的混淆,从而达到增强会计信息质量的目的。5.提高上市公司信息质量的政策建议。如何增加上市公司财务信息披露的透明度,从而把关联交易的危害降到最低?我们认为政府应提供更多信息服务,加强对市场运行结果的披露,而不只是发布对市场运行的预期结果,具体提出以下政策建议：①应加强对企业第二类交易的披露方式的制度建设；②降低政府介入资本市场的深度和强度；③对上市公司关联交易及其会计信息披露质量进行综合治理；④建立分户信息披露管理电子档案；⑤营造上市公司诚信经营和谐创业的环境；⑥完善股东派生诉讼制度。二、论文的主要结论1.关联交易信息披露应满足区分性、直接性和时效性的要求。本文的研究表明,关联交易的信息披露必须满足：①区分性,②直接性,③时效性。在上述的“三性”要求之中,区分性最为关键,它决定关联交易信息能否以及如何进行直接地、动态地披露。本文之所以展开对商品价格共识如何形成的基础研究,是因为如果市场里商品的价格共识都不存在,那么如何判断公允与非公允的关联交易是不可能的。当然也就无法满足区分性。如果上市公司所经营、交易的商品有价格共识或能够形成价格共识,投资者应该自己承担读解、识别、判断上市公司的财务信息的责任；如果上市公司所经营、交易的商品中有的商品没有价格共识或很难形成价格共识,会计准则就应该要求上市公司将该项交易与其它交易相区别,以提醒投资人关注、判明该交易的实质及其相应财务信息的真伪。2.通过严格证明得到了价格共识形成的充分条件。在同一种商品的一连串交易(而非赠与或掠夺)中,商品价格共识的逐渐形成需要下述4个条件,即①敏感性：在商品交易过程中参与者是“趋利避害”的；②公平性：在这个过程中既没有谁能以高于其他参与者卖价的、其差值不小于某固定值的卖价出售商品,也没有谁能以低于其他参与者买价的、其差值不小于某固定值的买价买入商品；③单纯性：商品的价格完全由供需决定；④渐趋稳定：在这个过程中供应与需求的量逐渐稳定；⑤常规性：在这个过程中供应与需求的量不会逐渐消失。那么关于这个商品的价格共识就会逐渐形成。根据价格共识形成的观点,商品价格共识形成是渐进的,商品的价格不是瞬间形成的。3.基于价格共识如何形成的基础研究,要提高财务信息的质量,必须把交易分为第Ⅰ类和第Ⅱ类,并在此基础上重构信息披露的方式。根据对价格共识如何形成的基础的研究,商品价格共识的形成需要一定的条件。由于条件不充分,某些商品的价格共识不易形成。为了防止信息混淆,需要对报表做出改进,这样才能为投资者了解上市公司的经营情况提供必要的保障。本文认为要编撰满足“三性”要求的信息披露,首先要对交易进行确认、分类,所有交易可初步分为第Ⅰ类交易与第Ⅱ类交易。三、论文的创新之处本文对上市公司关联交易信息披露的研究是以价格共识形成为切入点。通过实验及分析式研究的方法,展开了对商品价格共识形成的理论研究,同时对会计的确认,报表披露的格式提出了新的见解。在以下方面有所创新和突破：1.提出并证明了价格共识理论。采用分析式和实验研究方法,设计并完成了价格共识不能形成的实验和价格共识能形成的实验,提出并证明了价格共识理论。首先提出了价格共识的概念,并构建理论模型,采用严格的数学模型对价格共识形成理论进行了推演证明。找到了商品价格共识形成的条件。据此我们发现,在传统的商品交易中比较容易形成价格共识,其相应的财务数据也比较容易“读解”。对关联交易(包括非关联化的关联交易)这样难于在其中形成商品价格共识的交易的相应财务数据,需要新的财务信息披露的方式以增加对它的“注解”。2.提出增加《第Ⅱ类交易表》的披露模式。在原会计报表的基础上,通过增加一个《第Ⅱ类交易表》的方式,避免因原会计报表合并各种交易所产生的数据所带来的交易属性丢失,以及价格可比性的混淆,从而达到增强会计信息质量的目的。这个《第Ⅱ类交易表》将起到一个注解原会计报表中各项数据产生背景的作用。例如当上市公司通过公开或隐蔽的关联方交易,向上市公司输送利益或从上市公司挖掘利益的时候,第Ⅱ类交易的额度都会明显增大。3.在传统的借贷记账法的基础上,新增加交易分类这一要素,即根据交易的特性来判断每项经济业务是属于第Ⅰ类还是第Ⅱ类交易。相应的记账规则不是借贷记账法下只用借、贷二维；还要增加记为类的一维,即借、贷、类三维。也就是说,要想描述一项交易,应该用三维坐标来表示,而不是以前的只用二维坐标来表示。这一改良方案不仅为关联交易披露质量的提高有积极的作用,而且为金融工具会计、人力资源会计及社会责任会计信息从表外顺向转化到表内提供了一个全新的可行的思路,从而实现提高上市公司会计信息质量,保护投资者的合法权益,维护证券市场的繁荣与稳定。更多还原

【Abstract】 Violation of regulation problems by listed companies in China is mostly associated directly or indirectly with RPTs (related party transactions). RPTs not only viciously harm the interests of listed companies themselves, but also seriously damage the interests of small shareholders, affect the efficient allocation of scarce resources, and increase the market operating costs and risks, which will eventually shake the foundation of the capital market itself. Therefore, it is of great importance to study and to standardize RPTs by listed companies, and to strengthen the relevance of accounting information disclosure of RPTs as well. This dissertation will analysis from a new viewpoint based on CPU (common price understanding). Firstly transactions are to be recognized and classified, then information disclosure on listed companies is to be reconstructed, so as to improve the quality of accounting information disclosure, to protect the legitimate rights and interests of small and medium investors, and to maintain prosperity and stability of the security market. Standard research, analytical studies and experimental research methods have been employed in the research of this dissertation.1. Research contents of the dissertationThis dissertation focuses on problems associated with RPTs by the listed companies and centers on how to improve the information disclosure mode of RPTs from five aspects:1.1 Problems found in the current information disclosure of RPTs. Domestic or foreign research on the issue of RPTs confined to the distinction between RPTs and general trading by the definition of related party. Therefore, the study about disclosure of RPTs has the following problems:①No distinction, that is no transaction specificity to distinguish between RPTs and ordinary transactions;②No immediacy, as information of RPTs was disclosed only in the off balance sheet resulting in weak binding force to the related companies and inadequate disclosure of related information;③Making RPTs unrelated to avoid information disclosure of RPTs. If a valid distinction in theory between RPT and general transaction can not find, the quality of information disclosure will not be improved to the extent to reduce the harm caused by RPTs. 1.2 The experimental and theoretical proof of CPU. It is often said "The price of RPTs is clearly contrary to the normal price of transaction". What price does this "normal price of transaction" refer to? How to quantitative it? How does it become a common understanding? Answers to all these questions have to be sought from the basic theory of economics. Based on the introduction on and analysis of the deficiencies of the traditional theories related to RPTs, the concept of CPU was firstly proposed and experiments that can form and cannot form CPU were designed and finished. From the results of the experiments, a new theory-the Theory of CPU-had been proposed and the theory was then further proved by theoretical model and deduced by strict mathematical logic.1.3. Analysis on recognition, measurement and disclosure of RPTs. Results from traditional analysis on recognition and measurement of RPTs had been analyzed again with the theory of CPU and further demonstrated by experiments. In addition, a comparison between new guidelines on the disclosure of RPTs with the old criteria and the international accounting standards was carried out. Some domestic scholars suggested some improving measures on RPT information disclosure by reference to the reasonable parts of the international accounting standards and other national accounting standards. An analysis on these measures has been undertaken. Though these measures have shown some positive functions, but can not resolve the unrelated problem to RPTs.1.4. Reconstruction of RPT information disclosure. Through describing the aim of the new model of RPT information disclosure, the basic framework of the new model, including the design of the new accounting model and accounting example, has been proposed. In a traditional debit and credit accounting system, a new element of trading classification is added that can be used to determine the type of the economic business. According to their characteristics, the transactions will be recorded in either categoryⅠor categoryⅡ. A "ClassⅡtransactions statement" has been proposed to add in the original basis of accounting statements to avoid the loss of transaction property and the confusion of price comparability resulted from the merger of various exchange transactions in original financial statements, so as to achieve the purpose of enhancing the quality of accounting information.1.5 Some policy suggestions on improving financial information disclosure of the listed companies. How to publicly increase the transparency of financial information disclosure of the listed companies and thus minimize the harm associated with the RPTs. The government should provide more information services; enhance the disclosure of the results of the market operation rather than just the release of the expected market operation. Some measures have been suggested as follows:①Formulate strict regulations in regard to the disclosure ways of the second category of enterprises;②Reduce the depth and intensity of government intervention in capital markets;③Comprehensive management on disclosure of RPTs by listed companies and on accounting information quality;④Establish electronic management records on information disclosure for each listed company;⑤Create a harmonious environment that stimulate honest operation for listed companies;⑥Improve shareholder derivative litigation.2. The main conclusion of the dissertation2.1 RPT information disclosure must meet requirements of distinction, immediacy and timeliness. As to the issue of relevant disclosure of RPTs in the construction of information disclosure system of listed companies, a general principle must firstly be set up that can be used to judge if the content, form, perspective of the RPT information disclosure is necessary and sufficient. Our study shows that this general principle is that the relevant disclosure of RPTs must meet three requirements that are:①distinction;②immediacy; and③timeliness. Among the three requirements that relevant disclosure of RPTs must meet, distinction is the most critical one as it determines whether and how to disclose directly and dynamically. The reason why the basic research on how to form CPU has been carried out is that if the CPU does not exist in the market, then how it is possible to distinguish between fair and non fair RPTs. Of course, distinction will not be able to meet. If the prices of the commodities provided by the listed company can form the CPU, investors should take the responsible for their reading, identifying, and determining the financial information of the listed companies. If, on the contrary, the prices of the commodities provided by the listed company can not or is hard to form the CPU, accounting standards and regulations should require the listed company to distinguish those RPTs from other transactions in order to remind the investors to concern and to ascertain the substance of those transactions and the authenticity of the corresponding financial information.2.2 Sufficient condition of CPU has been gained through a rigorous proof. CPU can arise in the market under the condition that the trading goods possess the fowlloing 5 prerequisites in the series of transactions of the same trading goods (rather than gifts or looting):①Sensitivity-any participants draw on advantages and avoid disadvantages;②Fairness-when some agents can succeed (possibly accidentally) to sell or buy at higher price, other agents can follow them (not simultaneously) in later trades;③Pureness-all agents trade in a free market and no one has the eternal trading privilege in the market and the price of goods are absolutely determined by the situation of supply-demand;④Tend-stable-the changing of supply-demand situation trends to be stable;⑤Regularity-the changing of supply-demand situation gradually disappears. That is to say that the CPU of a trading good is obtainable asymptotically rather than immediately.2.3 Based on the basic research of CPU, transactions must be classified into either class I or class II and the model of information disclosure reconstructed in order to improve the quality of financial information. According to the basic study on how to form CPU, the formation of CPU needs some conditions. As the conditions are not sufficient, the CPU of some trading goods is not easy to form. In order to prevent confusion of information, the reports need improving that can provide the necessary protection for investors to understand the operation of listed companies. It has been deemed that the transactions have to be firstly recognized and classified before financial statement and information disclosure that meet the above-mentioned three requirements can be compiled. All transactions can be divided into either Class 1 or Class II.3. Innovation Points of the dissertationIn this dissertation the theoretical study on consensus of trading goods price understanding is conducted through experimental and analytical research methods, and new perspectives on accounting recognition and disclosure format of reporting are raised at the same time. With some innovations and breakthroughs shown as follows:3.1 The theory of CPU proposed and proved. Through analytical and experimental research methods, designed and completed the experiment about the formation of CPU. Conditions that are required for the CPU formation of trading goods have been uncovered. Accordingly it has been found that a CPU is easier to form in traditional trading goods and the corresponding financial data are easier for "Reading." New methods of financial information closure is required to increase their "notes" for RPTs (including unrelated RPTs) that are hard to form corresponding financial data during their CPU formation of trading goods.3.2 To add a table of "Class II transaction statement" for better information disclosure. Loss of transaction attribute and confusion of price comparability resulted from the merger of various transaction data are avoided by the approach to add a table of "ClassⅡtransaction statement" to the original basis of accounting statements, so as to enhance the quality of accounting information disclosure. This "ClassⅡtransaction statement" will function as a note to the background of the original data in the accounting statements. For example, when the listed companies transfer benefits to or mine interests from themselves through an open or hidden RPT, the transaction amount for Class II will significantly increase.3.3 Based on the traditional debit and credit accounting method, newly increase an element described as "transaction classification", namely belonging to either Class I or Class II of the transactions are to be determined according to their transaction characteristics. Then the corresponding debit and credit accounting rules are not only two-dimensions of Debit/ Credit; but three-dimensions of debit, credit and a new dimension "class" described as Debit/ Credit/Class. In other words, three-dimensional coordinates rather than the old way of two-dimensional coordinates are to be used to represent and to describe a transaction. This improvement not only improves the quality of information disclosure on RPTs, but also provides a new feasible ideas to transform information of financial instruments accounting, of human resource accounting and of social responsibility accounting from off-statement to the inside of the statement.更多还原