“双刃剑”效应：系族集团关联交易如何影响ICM配置效率？

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中图分类号：F272.3；F275 文献标志码：A 文章编号：1007-8576（2025）05-0059-11

DOI：10.16716/j.cnki.65-1030/f.2025.05.006

The Double-Edged Sword Effect：How Related Transactions of Lineage Groups Affect ICM Allocation Efficiency？

LI Yuhong，MA Qingge， HUANG Ting （Xinjiang University of Finance and Economics，Urumqi 83oo12， China）

Abstract：Thispaperusesthedataof theShanghai andShenzhenA-shareafiliatedgroupfrom2OO4to2O22 toempiricaly examinethe impactof the two typesofbenefitflows formed byrelated-partytransactions，namely“tunneling”and“effciency promotion”，ontheICMallcation effiencyofaflated groupsandtheirunderlying mechanisms.Theresearchresults show thatrelated-partytransactions，asaneutralbehavior，havea“double-edgedsword”efectontheICMallcationeffcencyof affliated groups.Thebenefitinflowtypeofrelated-partytransactionssupports theeficiencypromotionviewandimprovesthe ICMallocationeficiency;thebenefitoutflowtypeofrelated-party transactionssupports thetunnelingviewandreducestheCM llcatioeficiency.Furtherresearchfindsthattheimpactofrelated-partytransactionsofafilated groupsonICMalocation eficiencyand theirunderlying mechanismsvaryduetodiffrences incorporategovernance levelsandbusinesscorrelations amongdifferentdivisions.Meanwhile，profitabilityandcashholdinglevelshaveanimpactontherelationshipbetweenrelatedpartytransactionsofaflitedgroupsand ICMallocationeffiency.Inthe future，Inthefuture，thegovernmentshould strengthen informationdisclosure byregulatoryauthoritiesand enhance externaloversight.Business groupsshould prioritize corporategovernancestandards，whichplayacriticalroleininfluencingrelated-partytransactions，therebysteringtheeconomic outcomes of such transactions toward an eficiency-promoting perspective.

KeyWords： kinship group;related-party transactions;ICMconfiguration eficiency; tunneling; eficiency promotion

一、问题的提出

我国上市公司处于经济发展相对较快、市场潜力巨大，但市场成熟度不高、法律制度相对不健全的新兴市场，受外部融资约束限制，其组织形式大多为企业集团。（剩余13040字）