利益相关者满足与企业财务绩效的相关性研究——基于我国家电上市公司面板数据的实证研究  

A Study on the Relationship between Stakeholders' Satisfaction and the Enterprise's Financial Performance——An Empirical Analysis of Household Electrical Appliance Listed Companies Based on Panel Data Model

作　　者：纪建悦[1] 刘艳青[1] 袁治[1] 

机构地区：[1]中国海洋大学经济学院

出　　处：《财经科学》2010年第9期71-78,共8页Finance & Economics

基　　金：山东省自然基金项目"基于利益相关者的企业价值创造机理及评估研究"(批准号Y2008H05)

摘　　要：本文分析了影响利益相关者对企业进行专用性投入进而影响企业财务绩效的因素,指出企业对利益相关者的合理满足是实现企业财务绩效最优化的关键所在;选取代表各利益相关者满足程度和企业财务绩效的指标,采用面板数据模型对我国家电上市公司数据进行实证分析。结果表明:利益相关者满足与企业财务绩效之间存在着显著的相关性。Based on stakeholder theory,this thesis incorporates contract theory,value chain theory and prospect theory to define stakeholders that influence enterprise＇s financial performance and to analyze factors that affect stakeholders＇ investment and then financial performance. It concludes that how to rationally meet stakeholders＇ interests is the key to optimize enterprise＇s financial performance. An empirical analysis on household electrical appliance companies is conducted based on panel data model. The result shows that stakeholders＇ satisfaction and enterprise＇s financial performance are significantly correlated and that the satisfaction level of different stakeholders is unreasonable. So that,according to value,an enterprise can further enhance its financial performance by rationally adjusting the input-output efficiency of different stakeholders.

关 键 词：利益相关者 企业财务绩效 价值链理论 期望理论 

分 类 号：F224.5[经济管理—国民经济]