文章采用2004—2022年我国沪深A股系族集团数据，实证检验关联交易形成的“掏空”和“效率促进”两种利益流向对系族集团ICM配置效率产生的影响及其作用机制。研究结果显示：关联交易作为一种中性行为，会对系族集团ICM配置效率产生“双刃剑”效应。利益流入型关联交易支持效率促进观，会提高ICM配置效率；利益流出型关联交易支持掏空观，会降低ICM配置效率。进一步研究发现，系族集团关联交易对ICM配置效率的影响及其作用机制因公司治理水平、各分部之间业务相关性差异而有所不同。与此同时，盈利能力和现金持有水平会对系族集团关联交易与ICM配置效率之间的关系产生影响。今后政府应强化监管机构的信息披露和外部监督力度，系族集团应重视公司治理水平这一影响关联交易行为的重要因素，使关联交易带来的经济后果倾向于效率促进。

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.