财经理论与实践Issue(3)：72-77,6.
利益相关者关系影响公司财务绩效持续性的实证研究
An Empirical Study on the Relationships Between Stakeholder Relations and the Persistence of Corporate Financial Performance
摘要
Abstract
The investigation is based on the data from a sample of 123 companies of A shares in Shanghai and Shenzhen stock markets.We use Time series auto-regressive model to analyze the effect of the stakeholder relations on the persistence of superior financial performance and inferior financial performance.The results show that good stakeholder relations is positively related to the persistence of superior financial performance and negatively related to the persistence of poor financial performance.Different stakeholders have different effects on the persistence of financial performance.Employees and consumers are the most important factors that guarantee the per-sistence of superior financial performance,and also an important driving force helping the poor performing firms get out of financial difficulties.When enterprises experience financial difficul-ties,shareholders play a more prominent role.关键词
利益相关者关系/财务绩效/财务绩效持续性Key words
Stakeholder relations/Corporate financial performance/Sustainability of financial rperfomance分类
管理科学引用本文复制引用
关健,蔡怀军,郭德芳..利益相关者关系影响公司财务绩效持续性的实证研究[J].财经理论与实践,2015,(3):72-77,6.基金项目
国家自然科学基金项目(71271080)、教育部人文社科基金项目(13YJA630020)、中南大学教师科研基金资助 （71271080）
