Study On The Related Transaction Of Large Shareholder During The Intergenerational Succession

As the core component of private enterprises,family enterprises continue to promote the national economic development.With the increasing age of founders,intergenerational transmission becomes more urgent.Intergenerational succession is very important for family enterprises,which is related to the "evergreen" development of enterprises.Related party transactions are frequent and important transactions in the development of enterprises.In view of what role the related transaction plays in the value of the firm,it has been controversial in theory.Based on the particularity of intergenerational succession,whether the related party transactions are different from previous studies?In this paper,the transaction behavior of this special period,the role of related transactions is studied.In this paper,the data of 69 listed companies(mainly for 18535 related transactions)were studied by using the data of 2006-2015 listed companies during the period of intergenerational inheritance implementation of family business.May be related transactions and subdivided into six categories:fair transaction price,non fair transaction price,the impact of corporate profits related transactions,does not affect the profit of enterprise related transactions,related party transactions in the buyer's and seller's market transactions in the.In the vertical dimension,this paper first analyzes whether or not there is the increase or decrease in the scale of the related party transactions during the period of intergenerational succession.Then,the core research on the role of related transaction is to support the nature of enterprise value or tunneling property.Finally,this paper further studies the moderating effect of internal and external control environment on related party transactions.Among them,the internal control environment index selects the proportion of institutional investors.External control environment index selection dummy variable of legal environment index and audit institution difference.The content and conclusion of this paper:(1)research on the scale of related transaction before and after the implementation period of intergenerational inheritance.During the period of intergenerational succession,the scale of related transactions of family enterprises did not increase or decrease significantly.Reflecting a smooth transition.(2)the related transaction influence on enterprise value,this paper found that in a special period of family business did not use related transactions to empty enterprises,but more is to show a positive effect of related party transactions on enterprise value.Specifically,the scale of related transactions(the total sample),fair transaction price scale,does not affect the profit of enterprise scale,related transactions in the buyer's market transaction scale reflects the positive effect on enterprise value.The non fair value related transaction,the related transaction scale affecting the enterprise profit and the related transaction scale in the seller's market are not related to the enterprise value.(3)research on the role of internal and external control environment in enterprise value.The shareholding ratio of institutional investors is positively related to firm value,while the legal environment index and audit institution difference have nothing to do with enterprise value.Further research on the moderating effect of internal and external control environment reveals that institutional investors' shareholding ratio does not reflect the moderating effect of related party transactions on firm value.The legal index does not appear in the transactions for the moderating effect of enterprise value in the audit agency is before the big ten accounting firms are not reflected in the related transactions for regulation of enterprise value in the.In summary,this paper draws a more meaningful conclusion from two aspects of family business and related transactions.Further verify the firm characteristics of family business intergenerational succession-the pursuit of robustness.It also proves that the related party transaction has a favorable side,which shows a real supporting role.