问题描述：
英语翻译
Chinese listed companies have been required to disclose related party transactions
since 1997.This disclosure was incomplete and irregular in the first year (Yuan 1998),but more systematic thereafter.Most companies report in a special footnote
to their financial statements the identity of their related parties,the relation with
these related parties (for example,percentage of shares held),and the types and
amounts of related party transactions.Due to the complexity of some Chinese
corporate groups,footnote disclosures of these connected dealings can be very
complicated.For instance,Shanghai Dragon Corporation reported more than 140
transactions with more than 100 related parties in 2002 alone.
Based on the financial statement footnotes on related party transactions,we
manually collect and classify each transaction by the nature of the transaction and
the related party involved.Generally,the major related parties are the shareholders
(or companies in the shareholder’s group),the subsidiaries and the associated
companies of the listed companies.Some other related parties include the
subsidiary’s minority shareholders and the listed companies’ ex-shareholders.We
classify related party transactions into 17 different types of transactions.The firmyear
frequency and the average value for each transaction are as follows:sales
(47.29%,RMB 303 million),purchases of goods and products (44.50%,RMB 5.5
billion),accounts receivable and payable (37.07%,RMB 1 billion),loans to and
from related parties and other receivables and payables (51.32%,RMB 1.8 billion),
service revenues (12.53%,RMB 78 million) and expenses (22.08%,RMB 66
million),interest income (14.57%,RMB 11 million) and expenses (3.6%,RMB 18
million),asset purchases (10.44%,RMB 136 million) and sales (5.69%,RMB 75
million),stock purchases (7.95%,RMB 6.8 billion) and sales (5.56%,RMB 51
million),rent revenues (11.90%,RMB 10 million) and expenses (28.63%,RMB 35
million),joint investments (2.73%,RMB 83 million),and loan guarantees to related
parties (24.87%,RMB 1.4 billion) and from related parties (23.49%,RMB 3.6
billion).The average total assets of these firms are RMB 1.96 billion.
Our sample period covers 1998 through 2002.All financial and stock return
variables are obtained from the China Securities Market and Accounting Research
(CSMAR) Database.We use two market indexes and two regional variables to
capture the cross-region variation in institutional development.The first market
index is the Market Development Index,which was developed by Fan and Wang
(2003).This index has been widely used in economics research on China,including
that by Li et al.(2006) and Gwartney et al.(2005).The second market index is the
Deregulation Index,which was developed by Demurger et al.(2002) using the
number of special economic zones developed in a region as a proxy for market
development.
Chinese listed companies have been required to disclose related party transactions
since 1997.This disclosure was incomplete and irregular in the first year (Yuan 1998),but more systematic thereafter.Most companies report in a special footnote
to their financial statements the identity of their related parties,the relation with
these related parties (for example,percentage of shares held),and the types and
amounts of related party transactions.Due to the complexity of some Chinese
corporate groups,footnote disclosures of these connected dealings can be very
complicated.For instance,Shanghai Dragon Corporation reported more than 140
transactions with more than 100 related parties in 2002 alone.
Based on the financial statement footnotes on related party transactions,we
manually collect and classify each transaction by the nature of the transaction and
the related party involved.Generally,the major related parties are the shareholders
(or companies in the shareholder’s group),the subsidiaries and the associated
companies of the listed companies.Some other related parties include the
subsidiary’s minority shareholders and the listed companies’ ex-shareholders.We
classify related party transactions into 17 different types of transactions.The firmyear
frequency and the average value for each transaction are as follows:sales
(47.29%,RMB 303 million),purchases of goods and products (44.50%,RMB 5.5
billion),accounts receivable and payable (37.07%,RMB 1 billion),loans to and
from related parties and other receivables and payables (51.32%,RMB 1.8 billion),
service revenues (12.53%,RMB 78 million) and expenses (22.08%,RMB 66
million),interest income (14.57%,RMB 11 million) and expenses (3.6%,RMB 18
million),asset purchases (10.44%,RMB 136 million) and sales (5.69%,RMB 75
million),stock purchases (7.95%,RMB 6.8 billion) and sales (5.56%,RMB 51
million),rent revenues (11.90%,RMB 10 million) and expenses (28.63%,RMB 35
million),joint investments (2.73%,RMB 83 million),and loan guarantees to related
parties (24.87%,RMB 1.4 billion) and from related parties (23.49%,RMB 3.6
billion).The average total assets of these firms are RMB 1.96 billion.
Our sample period covers 1998 through 2002.All financial and stock return
variables are obtained from the China Securities Market and Accounting Research
(CSMAR) Database.We use two market indexes and two regional variables to
capture the cross-region variation in institutional development.The first market
index is the Market Development Index,which was developed by Fan and Wang
(2003).This index has been widely used in economics research on China,including
that by Li et al.(2006) and Gwartney et al.(2005).The second market index is the
Deregulation Index,which was developed by Demurger et al.(2002) using the
number of special economic zones developed in a region as a proxy for market
development.
问题解答：
我来补答展开全文阅读