本文以上海贝岭为例,分析了上市公司配股过程中通过关联交易进行利益转移的行为。结果发现,关联交易成为上市公司与其关联方进行利益转移的手段。配股前关联方向上市公司进行利益输送,目的是为了提高上市公司的业绩指标,以达到配股资格线;而配股后的利益输出行为则是关联方从上市公司进行的实际利益转移。 Taking Shanghai Beiling as an example, this paper analyzes the behavior of transfer of benefits through related party transactions in the process of placement of shares by listed companies. As a result, it has been found that connected transactions become the means by which listed companies can transfer their interests with their related parties. The pre-placement related party carries out the transfer of benefits to the listed company for the purpose of raising the performance index of the listed company in order to reach the placement qualification line; and the profit distribution after the placement of shares is the actual interest transfer from the listed company by the related party.