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1、杭州电子科技大学硕士学位论文 I摘 要 随着我国资本市场的不断发展和上市公司规模的不断扩大，关联方交易成为上市公司中屡见不鲜的行为。在实际的操作过程中，由于关联方交易行为的不确定性以及转让定价的非公平性、隐蔽性和监管的困难性，使得投资者及国家的利益受到损害。而关联方之间灵活的转让定价，成为关联方交易的核心问题。通过分析转让定价政策，信息使用者能判断关联方交易的公允性，以及对公司财务状况和经营成果的影响程度，从而正确评价公司的投资价值。 拥有一个合理有效的关联交易转让定价决策机制具有十分重要的意义。 本文首先在对相关文献回顾的基础上，对关联方交易、转让定价和关联交易转让定价的决策机制进行了论述。
2、接着，对关联交易转让定价决策进行了理论分析，包括：关联交易转让定价决策的影响因素、定价方法选择、转让定价的决策程序和决策风险控制以及关联交易转让定价的信息披露。然后，在对关联交易转让定价决策机制进行相关描述统计分析的基础上， 用实证检验的研究方法分析了关联交易转让定价决策中存在的盈余管理行为和避税行为。本文选取了浙江省 20062008 年披露关联交易的上市公司，一共 340 个样本。通过描述统计披露关联交易的样本公司特征变量的分布，进一步使用非参数检验法，分析了上市公司利用关联交易转让定价决策进行盈余管理行为与避税行为的特征。研究发现：即使被出具无保留审计意见的上市公司也明显存在利用关联交易
3、转让定价进行盈余管理的行为；上市公司存在利用关联交易转让定价提高利润实现扭亏的行为；上市公司存在利用关联交易转让定价达到增发配股资格的行为；ST 公司的关联交易转让定价程度差异不明显，没有通过实证检验，但是描述性统计初步验证了 ST 公司的关联交易转让定价程度较高；高股权集中度的公司，关联交易转让定价程度较高，控股股东可能存在利用关联交易转让定价转移利润的行为；上市公司存在利用关联交易转让定价和税率差异逃避所得税的动机， 上市公司的实际所得税率越高，利用关联交易转让定价的程度越高。最后提出了完善上市公司关联交易转让定价决策机制的相关建议。 本文的创新点在于以关联交易转让定价的决策机制为研究内容
4、，对关联交易的转让定价决策进行了系统的分析，并通过实证研究分析了关联交易转让定价决策机制中存在的现状和问题。 关键词：关键词：关联方交易，转让定价，决策机制，盈余管理，避税动机 杭州电子科技大学硕士学位论文 IIABSTRACT With the constant development of Chinas capital market and the constant expansion of listed companies, related party transactions occurrence in listed companies frequently. Becauce of t
5、he uncertainty of related party transactions, as well as the non-equity, hidden, and the difficulty of regulation of its transfer pricing, investors and the countrys interest to suffer. The flexibility transfer pricing between related parties, become a core issue of related party transactions. By an
6、alyzing the transfer pricing policy, information users can judge the fairness of related party transactions, as well as the companys financial condition and operating results, so that correctly evaluate the investment value of the companys. Have a reasonable and effective decision-making mechanism i
7、n the related partiestransfer pricing is of great significance. This article,first, on the basis of the relevant literature review, related party transactions and its transfer pricing, transfer pricing decision-making mechanism was discussed.After that,transfer pricing of related party transactions
8、carried out theoretical analysis of the decision-making. Including: transfer pricing in the decision-making factors, pricing options, transfer pricing decision-making procedures and decision-making risk control, as well as disclosured information of the transfer pricing of related-party transactions
9、.Then, based on the analysis of the descriptive statistics about decision-making mechanism of related parties transfer pricing, analyzed earnings management behavior and tax avoidance exist in decision-making of related partiestransfer pricing. This paper selects the listed companies in Zhejiang pro
10、vince during 2006-2008 which disclose related-party transactions, a total of 340 samples. By describing the statistical distribution of sample companies characteristic variables, further use of non-parametric test, analyzed the features of earnings management behavior and tax avoidance exist in deci
11、sion-making of related partiestransfer pricing. The study found: Even when they are issued an unqualified audit opinion of the listed companies are also evident in the use of transfer pricing related-party transactions carried out earnings management behavior; Listed companies have to use transfer p
12、ricing to improve profitability to end deficits in behavior; Listed companies have to use transfer pricing to achieve additional placement of shares eligible for behavior; ST Companys related-party transactions obvious differences in the degree of transfer pricing,and did not pass the empirical test
13、. However, a preliminary verification of the descriptive statistics associated with STs high level of transfer pricing transactions; A high concentration of company stock, a higher degree of transfer pricing related-party transactions, the controlling shareholder may have the use of transfer pricing
14、 in the behavior of the transfer of profits; Listed companies have the motive to use transfer pricing 杭州电子科技大学硕士学位论文 IIIto evade income taxes. Concludes with recommendations of the decision-making mechanism in the related partiestransfer pricing. The innovation of this paper is to study the contents
15、 of transfer pricing in decision-making mechanism, Analyzed the transfer pricing decision-making systematicly, and analyzed the status quo and problems that exist in the transfer pricing in decision-making mechanisms through empirical research. Keywords: Related party transactions , Transfer pricing
16、 , Decision-making mechanism , Earnings management , Tax avoidance motive 杭州电子科技大学杭州电子科技大学 学位论文原创性声明和使用授权说明学位论文原创性声明和使用授权说明 原创性声明原创性声明 本人郑重声明： 所呈交的学位论文，是本人在导师的指导下，独立进行研究工作所取得的成果。除文中已经注明引用的内容外，本论文不含任何其他个人或集体已经发表或撰写过的作品或成果。对本文的研究做出重要贡献的个人和集体，均已在文中以明确方式标明。 申请学位论文与资料若有不实之处，本人承担一切相关责任。 论文作者签名： 日期： 年 月 日 学位论文使用授权说明学位论文使用授权说明 本人完全了解杭州电子科技大学关于保留和使用学位论文的规定，即：研究生在校攻读学位期间论文工作的知识产权单位属杭州电子科技大学。本人保证毕业离校后，发表论文或使用论文工作成果时署名单位仍然为杭州电子科技大学。学校
