The Empirical Study Of Relational Transactions And Information Asymmetry

The problem of asymmetric information or "lemon" comes from the asymmetric distribution of the company's information between the outside and the inside,and the conflict of interests between them,if it can't effectively solve the problem of asymmetric information,the capital markets will underestimate some companies above average,overestimate the low quality companies below average.American economist Akerlof in 1970 used car market model as an example,points out that information asymmetry may lead to adverse selection and inefficient trading phenomenon,it has initiated the research of information asymmetry theory since then.In 1984,Myers and Majluf introduced the information asymmetry theory into the capital market,and the information asymmetry of capital market began to be favored by many scholars.At present,China is in the transition economic system,compared with developed countries,corporate governance issues have different institutional incentives.The imperfection of the legal system and the imperfection of the protection of property rights make the transactions between enterprises depend more on the relational contract based on reputation.With the deepening of the study of informal institution,many scholars began to turn their attention to the important participants of the informal system-suppliers and customers.The research on suppliers' and customers' relational transaction has become the focus of research.Under this background,this paper use 5291 manufacturing listed companies in Shenzhen and Shanghai stock market from 2008 to 2015 as samples,to investigate the effect of relational transactions of listed companies on the information asymmetry and the role played by different information environment agents.The results of this study show that more suppliers / customers relational transactions will increase the degree of information asymmetry.Through further study,it is found that the relational transaction does not directly affect the information asymmetry of the listed companies.We take the accruals quality,the voluntary disclosure of management and the number of analysts tracking as the agent of the internal and external information environment,and find out that the different information environment agents play the role of heterogeneity.Specifically,the supplier / customer relationship will reduce the accruals quality of the enterprise and the number of analyststracking,then increase the degree of information asymmetry.However,the relational transaction will also make the management more voluntary disclosure,which to some extent will ease the situation of asymmetric information.That is to say,the influence of relational transaction on information asymmetry is the result of the interaction among three information intermediaries.This article is based on the full range of measurement of information environment,makes a more comprehensive analysis of the impact of relational transaction on information asymmetry,which is helpful to better understand the impact of the relationship trading on the overall information environment of the enterprise and to find out the mechanism.In addition,digging the function mechanism of information environment in the process of relational transaction affects information asymmetry,that is helpful to regulate and supervise the behavior of listed companies and improve the efficiency of capital market.