自琼斯开创性的研究以来，西方关于操作性应计利润影响盈余管理方面的研究已 经比较完善。但系统性的从11种关联方交易行为与盈余管理的关联性分析的研究较 零散。 随着中国会计准则改革进程的稳步推进，企业获得了更多选择会计政策、会计估 计的自主权，企业管理层盈余管理的空间逐渐增大。相应地，关联方交易变得更加复 杂多变。近几年，中国理论界与实务界也对关联方交易与盈余管理做了些研究，但也 存在着一些问题有待改善，未对11种关联方交易行为与盈余管理的关联性作分析和 总结，未探讨关联方交易因素中哪种因素对盈余管理的影响最大。 鉴于此，本研究选择以关联方交易存在利益冲突与效益交易为切入点，主要采用 实证研究的方法，以中国上市公司为对象，尝试揭开关联方交易与盈余管理之间错综 复杂关系的面纱，并系统、深入地探究关联方交易的盈余操纵行为，以及市场针对这 种盈余操纵行为的反应问题。 本研究主要讨论以下内容：①本研究的分析基储影响因素的确定及实证分析； ②在此基础上进行向上或向下盈余操纵问题的实证分析；③其他综合分析。通过实证 分析发现研究结论为：我国2007-2016上市公司资料，不论哪种关联方交易，值越大， 盈余管理程度越大。当公司的自由现金流量越大且执行各种关联方交易越大的该类公 司，其盈余管理的程度越低。也就是说这类公司的资金很多，会从事关联方交易做资 金转移但不会且没有必要从事盈余操纵！投资机构在做投资决策时此类公司舞弊造假 可能性大大减低，可以规避相应风险，减少投资损失，提高投资准确率。 结合实证结论，对于盈余管理程度较高的公司，不能无所作为，而应积极对待盈 余管理导致的一定的经济后果的可取态度。本研究对此从信息不对称角度提出了相关 建议来披露关联方交易。 在本研究的最后提出了如下启示和展望：①运用其他学科的知识例如计量经济 学、统计学和实证分析方法加速对公认财务会计原则的完善和发展；②区分上市公司 与非上市公司进行研究；③学习和借鉴国外实证会计方面成功经验。 关键词：中国上市公司，关联方交易，盈余管理，关联度 II Research on the Correlation between Related Party Transactions and Earnings Management of Chinese Listed Companies Abstract Since Jones's pioneering research, Western research on operational accrued profits affecting earnings management has been relatively complete. However, the systematic analysis of the correlation analysis of the behaviors of 11 related party transactions and earnings management is scattered. With the steady progress of China's accounting standards reform process, enterprises have gained more autonomy in choosing accounting policies and accounting estimates, and the space for corporate management's earnings management has gradually increased. Accordingly, related party transactions have become more complex and changeable. In recent years, China's theoretical and practical circles have also done some research on related party transactions and earnings management, but there are still some problems that need to be improved. The correlation between 11 types of related party transaction behavior and earnings management has not been analyzed and summarized. It has not explored which of the related party transaction factors has the greatest impact on earnings management. In view of this, this study chooses to take the conflict of interest and benefit transactions of related party transactions as the starting point. It mainly uses empirical research methods and targets Chinese listed companies to try to unveil the intricate and complex relationship between connected party transactions and earnings management. And systematically and deeply explore the earnings manipulation behavior of related party transactions, and the market's response to this earnings manipulation behavior. This study mainly discusses the following: ① the analysis basis of this study, determination of influencing factors, and empirical analysis; ② empirical analysis of upward or downward earnings manipulation issues on this basis; ③ other comprehensive analysis. Through empirical analysis, it is found that the conclusions of the study are as follows: According to the data of listed companies in China from 2007 to 2016, no matter which kind of related party transactions, the greater the value, the greater the degree of earnings management. The higher the company's free cash flow and the larger the number III of related party transactions, the lower the degree of earnings management. In other words, such companies have a lot of funds. They will engage in related party transactions to transfer funds but will not and need not engage in earnings manipulation! When investment institutions make investment decisions, the possibility of fraud and fraud of such companies is greatly reduced, corresponding risks can be avoided, investment losses can be reduced, and investment accuracy can be improved. Combining empirical conclusions, for companies with a high degree of earnings management, they must not do nothing, but should actively treat the desirable attitude of certain economic consequences caused by earnings management. This research proposes relevant suggestions from the perspective of information asymmetry to disclose related party transactions. At the end of this research, the following enlightenments and prospects are proposed: ① using knowledge from other disciplines such as econometrics, statistics, and empirical analysis to accelerate the improvement and development of generally accepted financial accounting principles; ② distinguishing between listed and non-listed companies ③ Learn and draw on foreign successful accounting experience.