关键词: 系族集团, 关联交易, ICM配置效率, 掏空, 效率促进

Abstract:

This paper uses the data of the Shanghai and Shenzhen A-share affiliated group from 2004 to 2022 to empirically examine the impact of the two types of benefit flows formed by related-party transactions, namely “tunneling” and “efficiency promotion”, on the ICM allocation efficiency of affiliated groups and their underlying mechanisms. The research results show that related-party transactions, as a neutral behavior, have a “double-edged sword” effect on the ICM allocation efficiency of affiliated groups. The benefit inflow type of related-party transactions supports the efficiency promotion view and improves the ICM allocation efficiency; the benefit outflow type of related-party transactions supports the tunneling view and reduces the ICM allocation efficiency. Further research finds that the impact of related-party transactions of affiliated groups on ICM allocation efficiency and their underlying mechanisms vary due to differences in corporate governance levels and business correlations among different divisions. Meanwhile, profitability and cash holding levels have an impact on the relationship between related-party transactions of affiliated groups and ICM allocation efficiency. In the future, In the future, the government should strengthen information disclosure by regulatory authorities and enhance external oversight. Business groups should prioritize corporate governance standards, which play a critical role in influencing related-party transactions, thereby steering the economic outcomes of such transactions toward an efficiency-promoting perspective.

Key words: kinship group, related-party transactions, ICM configuration efficiency, tunneling, efficiency promotion