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关联交易既可以通过内部交易降低成本、提高交易效率,也可以成为大股东操控利润、侵害中小股东利益的工具。因此,研究高管薪酬、关联交易与企业价值相关性有着重要的意义。本文考察了高管薪酬、关联交易和企业价值的相关性,通过对创业板2010年到2015年上市公司的数据作实证检验,结果显示,高管薪酬和关联交易对于企业价值都有着显著的影响,其中高管薪酬对于企业价值有着正相关的影响,而关联交易对于企业价值有着负相关的影响。
Related party transactions can reduce costs and improve transaction efficiency through internal transactions, and can also become a tool for controlling the profits of the major shareholders and infringe the interests of minority shareholders. Therefore, the study of executive compensation, related party transactions and the relevance of the value of enterprises of great significance. This paper examines the correlation between executive compensation, related party transactions and corporate value. Empirical tests on the data of GEM from 2010 to 2015 show that executive compensation and related party transactions have a significant impact on corporate value , Of which executive compensation has a positive correlation with the value of the enterprise, and related party transactions have a negative impact on the value of the enterprise.