The Analysis Of The Scale Of Enterprise's Related Transaction Based On Generalized Linear Model

Related transactions is one action that the transfer of resources or obligations between associated enterprises.The related transactions of the listed companies have a positive effect on the future development of the company.Through the action,the listed company can reduce the transaction cost and shorten the transaction time and so on.The listed companies in China not only have a close relationship with the pre-developed parent companies and their subsidiaries,there are also a large number of related transactions with other companies,such as related purchase and marketing,asset restructuring,financing exchanges and guarantee,leasing and so on.Therefore,it is necessary to make a systematic study on the development characteristics of related transactions in recent years and to make a thorough quantitative analysis of the factors that affect the related transactions.But the scale of related transactions referred to in domestic and foreign research refers to the amount of related transactions,The scale of the related transactions studied in this paper refers to the number of companies associated with the listed companies.In the first place,this paper analyzes the characteristics of related transactions.Firstly,the characteristics of different related transactions show that the trading behavior of the listed companies is dominated by commodity transactions every year.In addition,commodity trading,capital transactions,provision or acceptance of labor services,guarantee or mortgage,and lease have a slow increasing trend from 2008 to 2016.Secondly,the characteristics of different trading directions show that related sales and related procurement are increasing year by year trend,and the behavior of associated sales is more than the behavior of the associated purchase.Thirdly,the trend analysis of related party transactions shows that there are fewer companies that have related transactions but 2010 and 2011 related to other transactions.Fourthly,the scale of related transactions has the phenomenon of zero expansion and excessive dispersion.In this paper,the frequency distribution and relative frequency distribution of zero value in the sample data,the mean and variance of the related transaction scale are mainly used.On this basis,this paper uses different generalized linear models to analyze the influencing factors of the related transaction scale of A shares listed companies from 2008 to 2016.The scale of related transactions refers to the number of companies associated with the listed companies.The main factors are whether the listed company,company size,asset liability ratio,return on assets,income tax expenses,selling expenses,investment income rate,the ratio of cash and cash equivalents,accounts receivable,prepayments,accounts receivable,prepayments.And using goodness of fit test,AIC,BIC,LR test and Vuong test,the optimal model is ZINB model.The result of ZINB shows that the rate of return on assets,the rate of return on investment,and the net prepayments are positively related to the size of the related transaction.And it has the greatest relevance to the rate of return on investment,this means that the final purpose of the listed companies to provide funds to the associated companies is to obtain resources or profits from the associated companies.That is to say,the listed companies get more investment returns,the larger the scale of the related transactions.