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伴随知识经济时代的到来,企业规模化、知识化经营趋势日益明显。通过兼并、重组、控股等资本运营手段,我国集团公司纷纷出现。因此,企业间关系日渐复杂,关联方关系及其交易大量存在。从最新的沪、深两市上市公司2001年年报来看,关联交易在深度和广度上都有所提高。通过关联交易,可以降低交易成本,提高企业的运营效益和盈利能力,扩大经营规模,提高企业的市场竞争能力。更重要的是,通过企业集团内部适当的交易安排,有利于实现企业集团利润的最大化,提高其整体的市场竞争能力,从而有助于企业集团整体战略目标的实现。但由于关联交易中的交易各方存在控制或影响的关系,交易的公开、公正、公平性令人置疑。当前,企业利用关联交易粉饰财务报表,进行盈余操纵,已成为证券市场上人所瞩目的现象。其中,由于关联方关系的特殊性,关联方交易的方便、隐蔽且数额巨大,以及关联交易价格的非市场性、多样性,而且交易的定价方式直接影响关联交易的核算结果,影响企业的财务状况和经营成果,所以,关联交易定价既是关联交易的核心内容,又是某些上市公司盈利操纵的主要手段。本文试对此作简要分析。
With the advent of the era of knowledge economy, business scale, knowledge-based management trends have become increasingly apparent. Through mergers, restructuring, controlling and other means of capital operation, our group companies have emerged. As a result, the relationship between enterprises is increasingly complicated, with the related parties and their transactions in large numbers. From the latest Shanghai and Shenzhen listed companies in 2001 annual report, the related party transactions in depth and breadth have increased. Through related party transactions, transaction costs can be reduced, operational efficiency and profitability of enterprises increased, business scale expanded, and the market competitiveness of enterprises increased. More importantly, through the appropriate trading arrangements within the enterprise group, it is conducive to maximizing the profits of the enterprise group and enhancing its overall market competitiveness, thus contributing to the overall strategic goal of the enterprise group. However, due to the control or influence of parties to the transaction in the connected transaction, the openness, fairness and fairness of the transaction are in doubt. At present, the use of related party transactions to decorate the financial statements, earnings manipulation, has become the stock market attention. Among them, due to the peculiarities of the related parties, convenient, concealed and huge amounts of related party transactions, as well as the non-market and diversified prices of the related transactions, the pricing method of the transaction directly affects the accounting results of the related transactions and affects the corporate finance Status and business results, therefore, the pricing of related party transactions is not only the core content of related party transactions, but also the main means of profit manipulation of some listed companies. This paper tries to make a brief analysis of this.