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本文以我国327家上市公司在2001～2003年之间的关联交易数据为基础,对影响关联交易利益输送的各个变量进行分析。结果显示：有控股股东存在的上市公司比没有控股股东存在的上市公司更有可能存在关联交易利益输出行为；国有资产管理局控股的公司中关联方的利益输出程度显著低于企业集团控股的公司；上市公司的关联交易经历了上市初期的盈余管理、上市中期盈余管理与利益输出并存阶段。
Based on the related party transaction data of 327 listed companies in China from 2001 to 2003, this paper analyzes the various variables that affect the benefit transfer of related party transactions. The results show that listed companies with controlling shareholders are more likely to have the interests of listed companies than those without controlling shareholders. The output of related-party interests in the companies controlled by the State-owned Assets Supervision and Administration Commission is significantly lower than that of the controlled companies ; Related party transactions of listed companies experienced the initial stage of the earnings management of the listed companies, the mid-term stage of earnings management and earnings output stage.