利益相关者关系与企业财务绩效的实证研究——基于中国房地产上市公司的面板数据分析

An Empirical Study on the Stakeholder Relations and Corporate Financial Performance——A Panel Data Analysis of Chinese Real Estate Listed Companies

本文采用2002-2008年中国26家房地产上市公司的面板数据,通过面板数据单位根检验、协整检验和误差修正模型,对利益相关者关系与企业财务绩效之间的长期和短期关系进行了实证研究。研究结果表明:利益相关者关系与企业财务绩效之间存在长期和短期均衡关系,企业应在不同时期对各利益相关者采取差异化管理策略,满足他们各自的利益需求,与利益相关者建立良好的关系,这是提升企业财务绩效的关键。

This paper conducts an empirical study about the long term and short term relations between the stakeholder relations and corporate financial performance based on the unit root tests,cointegration tests and error correction models in panel data with the panel data from 26 listed Chinese real estate companies from 2002 to 2008.The empirical results show that there are long term and short term equilibrium relations between the stakeholder relations and corporate financial performance.A company should adopt different management strategies for every stakeholder at different times to satisfy their interests and establish good stakeholder relations.This is the key to improve the corporate financial performance.