中文摘要：

本文以2007~2012年A股上市公司关联交易数据和财务数据为样本,检验上市公司关联交易行为对盈余持续性的影响。研究发现,相对于没有关联交易公司,发生关联交易公司的盈余持续性较低;相对于交易规模小的公司,关联交易规模越大的公司的盈余持续性越低,关联交易行为对盈余持续性具有抑制作用。高质量审计和机构投资者持股提高了盈余持续性。发生关联交易的公司,在关联交易与高质量审计或机构投资者持股的共同作用下,其增量盈余持续性显著为正。进一步研究表明,良好的公司治理结构提高了盈余持续性。

英文摘要：

This paper examines the relationship between related-party transactions （RPTs） and earnings persistence based on sample of A-share listed companies＇ financial and related-party transaction data from 2007 to 2012. We find that companies with RPTs have lower earnings persistence than non-RPT companies, and the bigger the scale of RPT is, the lower is earnings persistence. RPTs have a constraining effect on earnings persistence. We also find that high-quality auditing and institutional shareholding can increase earnings persistence. It shows that the additional earnings persistence is significantly positive after examining the joint effects of RPTs with outside governance characteristics such as high-quality auditing and institutional shareholding. Additional test shows that good corporate governance structure can improve earnings persistence.