中文摘要：

本文基于社会资本视角,通过对2008年至2011年A股主板上市公司面板数据的实证分析,考察大股东关系对公司关联交易的影响。研究发现,（1）与不存在大股东关系的公司相比,存在大股东关系的公司所对应的关联交易规模更小;（2）大股东关系越亲密,关联交易规模越小;（3）控股股东关系强度越大,关联交易规模越大。结果表明,大股东关系的存在将增强彼此的制衡动机及其能力,在一定程度上缓解其通过关联交易进行利益输送的问题,但是处于大股东关系网络中的控股股东在利益动机方面具有两面性,一定程度上削弱这种积极影响。

英文摘要：

Based on the theory of social capital, this paper explored the influence of multiple large shareholders relationship on related party transactions with panel data of the listing compa- nies. It reveals Firstly, compared with companies with non-related large shareholders, companies with related large shareholders have larger scale of related party transactions. In addition, the closer the relationship with each other, the smaller scale of related party transactions the company con-ducts. Moreover, the bigger the strength of relationship with controlling shareholders, the larger scale of related party transactions the company conducts. Our findings suggest that the existence of the relationship of multiple large shareholders is helpful for enhancing checks and balances among multiple large shareholders,alleviating the problem of transportations by multiple large shareholders to some extent. Controlling shareholders, however, would weaken this influence to a certain extent because of their dual character interests.