本文探討政治連結與資訊不對稱對關係人交易價值的影響，並進一步分析不同所有權結構對此種關係影響的差異，以2008年到2018年之中國上市公司為研究樣本，在考慮時間與公司異質性效果下，使用panel data regression 進行分析。本研究結果發現政治連結與關係人交易價值呈現負向關係。顯示政治連結與關係人交易無法同時提高公司資源，使得投資人對公司價值產生疑慮。其次，本文加入資訊不對稱之探討，發現政治連結與關係人交易價值間之負向關係，來自於資訊不對稱的增加。最後本文納入所有權結構的探討，發現政治連結與關係人交易價值間之負向關係，在非國有企業且為資訊不對稱高時顯著負向。亦即非國有企業透過政治連結與關係人交易向外擷取資源的同時產生隱形之成本，反映在投資人對公司價值上。本文之研究結果對新興市場的公司治理與管理實務有貢獻，也提供投資者做新興市場投資所需評估的依據。
This article explores the impact of political connection and information asym-metry on the transaction value of related parties, and further analyzes the differences in the impact of different ownership structures on this relationship. This article uses Chinese listed companies from 2008 to 2018 as a research sample, and uses Panel Data Regression for analysis after considering time and company heterogeneity. Firstly the results of this study find that the political connection has a negative rela-tionship with the transaction value of related parties. It shows that political connec-tions and related party transactions cannot simultaneously increase company resources, making investors doubtful about the company's value. Secondly, this article joins the discussion of information asymmetry and finds that the negative relationship between the political connection and the transaction value of related parties comes from the increase of information asymmetry. It shows that if the company has political connec-tion and conducts related party transactions, it will increase the degree of information asymmetry between managers and investors, which is not conducive to investors' evaluation of the company. Finally, this article includes a discussion of the ownership structure, and finds that the negative relationship between the political connection and the transaction value of the related parties is significantly negative when the in-formation asymmetry is high in non-state-owned enterprises. That is to say, while non-state-owned enterprises extract resources through political connections and transactions with related parties,
they also increase the company's opacity and generate hidden costs, which are re-flected in the value of investors to the company. The research results of this paper contribute to corporate governance and management practices in emerging markets, and also provide the basis for investors to make assessments for emerging market in-vestments.
