社会资本能影响上市公司财务治理效率吗?——基于核心利益相关者的实证研究  

Can Social Capital Affect the Efficiency of A Listed Company's Financial Governance? Based on the Core Stakeholders' Empirical Study

作　　者：周晓珺[1] 陈清华[2] 

机构地区：[1]河海大学商学院,江苏南京211100 [2]南京大学经济学院,江苏南京210093

出　　处：《审计与经济研究》2014年第3期68-76,共9页Journal of Audit & Economics

基　　金：中国博士后科学基金第52批面上资助项目(2012M521032)

摘　　要：以2012年中国A股市场十大行业200家上市公司为样本,制作问卷调查,并基于上市公司公开数据和相关问卷调查结果,采用结构方程模型实证研究核心利益相关者社会资本对上市公司财务治理效率的影响,分别从股东、经营者和员工等角度研究其拥有的社会资本对上市公司财务治理效率提升的作用。研究结果表明:核心利益相关者中股东和经营者的社会资本会对上市公司财务治理效率的主要变量产生显著影响,而员工拥有的社会资本对反映治理效率的四个变量均不产生显著影响,即股东和经营者社会资本在上市公司财务治理效率提升中发挥更重要的作用。Based on the survey data of the A-share listed companies in 2012 in China and other open financial data of these companies, we adopt the structural equation models to empirically analyze the effect of core stakeholders＇ social capital on the efficiency of listed companies financial governance and respectively from the angle of core stakeholders such as shareholders, managers and employees to study their social capital on the role of the financial governance efficiency of listed companies. The results indicate that among the core stakeholders, the social capital of shareholders and operators can significantly affect the ef- ficiency of company＇s financial governance, while the social capital of employees has no significant influence on the four vm-ia- bles of the corporate financial performance.

关 键 词：核心利益相关者 社会资本 财务治理效率 结构方程模型 公司治理效率 企业财权 公司财务绩效 

分 类 号：F235.99[经济管理—会计学]