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

基于123家沪深A股上市公司的样本数据，运用时间序列自回归模型；考量卓越与不良绩效企业股东、管理人员、员工、消费者、债权人和政府与财务绩效持续性的关系。结果表明，良好的利益相关者关系与卓越财务绩效的持续性正相关，与不良财务绩效的持续性负相关。不同的利益相关者对财务绩效持续性的影响存在差异，消费者和员工是保证卓越财务绩效持续性的最重要因素，也是陷入财务困境的企业实现业绩转向的关键推动力量。当企业经历财务困境时，股东的积极作用表现突出。
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 persistence of superior financial performance, and also an important driving force helping the poor performing firms get out of financial difficulties. When enterprises experience financial difficulties, shareholders play a more prominent role.