利益相关者治理能缓解企业融资约束吗  

Can Stakeholder Governance Help Enterprises Relieve the Financial Constraints

作　　者：王鹏程[1,2] 李建标[1,2] 

机构地区：[1]南开大学中国公司治理研究院,天津300071 [2]南开大学商学院,天津300071

出　　处：《山西财经大学学报》2014年第12期96-106,共11页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金面上项目"网络社会中的偏好结构与集体行动机制的实验研究"(71372094);国家自然科学基金面上项目"新生代员工的偏好与信念特质--基于行为经济学视角和实验经济学方法的研究"(71172068);教育部人文社科重点研究基地重大项目"经济治理;二元治理结构与转型期企业行为--基于比较制度实验的研究"(10JJD630002)

摘　　要：从资本获得的角度,探究利益相关者治理的经济驱动因素,以2007～2010年4637家上市公司为样本,检验了利益相关者治理与企业融资约束的关系。研究发现,企业利益相关者治理能够有效缓解企业融资约束,不同利益相关者治理行为对融资约束的影响存在差异,而且对国有企业和民营企业的影响也不同。网络投票制、代理投票制、发布企业社会责任报告、环境保护、诉讼和仲裁事项等对民营企业融资约束有显著影响,网络投票制、投资者关系管理和捐款对国有企业融资约束有显著影响。From the perspective of getting capital, this paper explores the economic driving factors of stakeholder governance, and adopts a sample of 4637 listed companies from 2007 to 2010 to investigate the effects of stakeholder governance on financial constraints.The results suggest that stakeholder governance can help firms relieve financial constraints, and there are differences among effects of different stakeholder governance behavior on financial constraints. What＇s more, effects between private enterprises and state-owned enterprise are also different. Online voting, proxy voting, publishing corporate social responsibility report, protecting environment and litigation and arbitration events exert significant effect on financial constraints of private enterprises. Online voting, investor relationship management and donation can help state-owned enterprises relieve financial constraints.

关 键 词：利益相关者治理 融资约束 中小股东参与和保护 企业社会责任 

分 类 号：F275.5[经济管理—企业管理]