利益相关者满足与企业价值的相关性研究——基于我国酒店餐饮上市公司面板数据的实证分析

Research on Relevance of the Stakeholders' Satisfaction and Enterprise's Value——An Empirical Analysis of Hotel-serving Listed Companies Based on the Panel Data Model

由于缺乏对利益相关者与企业价值间内在机理的理论分析,导致基于利益相关者的企业价值理论在指导企业经营实践中未能发挥应有的作用。本文根据价值链理论,界定了对企业价值有影响的利益相关者范围。结合期望理论,引入利益相关者满足,作为分析影响利益相关者投入继而影响企业价值的指示变量,从理论上分析了利益相关者满足影响企业价值的内在机理,指出利益相关者企业价值经营的关键在于研究利益相关者满足合理性,并进一步采用面板数据模型对我国酒店餐饮类上市公司数据进行实证分析。研究结果表明利益相关者满足与企业价值间存在着显著的相关性;通过β值的分析显示不同利益相关者的满足水平存在着不合理现象,企业存在通过不同利益相关者满足水平的调整提升企业价值的可能。

The enterprise value theory, based on the stakeholders, can not play its due role in instructing the enterprises＇ practice, resulting from the absence of the theoretical analysis on the internal mechanism between the stakeholder＇s satisfaction and the enterprise＇s value. Based on value chain theory, this study provides a definite range for the stakeholders that influence enterprise＇s value. Incorporating insights of prospect theory, the definition of stakeholders＇ satisfaction is introduced as an indicating variable that affects stakeholders＇ investment and enterprise＇s value. We analyze the internal mechanism between the stakeholders＇ satisfaction and the enterprise＇s value and conclude that how to rationally meet stakeholders＇ interests is the key to enhance the enterprise＇s value. Finally, we carry on an empirical analysis on our hotel-servicing listed companies based on the panel data model. The result shows that the stakeholders＇ satisfaction and the enterprise＇s value are significantly correlated; value indicates that enterprises irrationally satisfy different stakeholders now. Thus it is possible for an enterprise to enhance its value by satisfying stakeholders more rationally.