利益相关者权利结构安排与企业可持续增长——基于中国A股上市公司的实证检验

Interest Structure Arrangement of Stakeholders and Enterprise's Sustainable Growth:An Empirical Test Based on Chinese A-share Listed Companies

以2007－2008年中国A股上市公司的年报数据为基础，实证分析了公司利益相关者对公司可持续增长能力的影响。研究结果表明：公司股东、债权者和职工等主要的利益相关者对公司可持续增长能力均有重大的影响，其中股东的影响最大，职工次之，最后才是债权者；控股股东、债权者和职工对公司可持续增长能力的提高有积极影响，流通股股东的影响则是消极的；公司可持续增长能力与利益者权利的大小有显著的内生性关系；治理结构完善与不完善公司的可持续增长能力的差异显著。

This paper empirically tests the stakeholders＇ impacts on enterprise＇s sustainable growth based on the 2007-2009 annual report data of listed companies in Chinese A-share market.Study results indicate that shareholders,debtors and employees all have important impacts on enterprise＇s sustainable growth capacities,among whom shareholders have greatest influence,and then come the employees and the debtors.The impact of controlling shareholders,debtors and employees on enterprise＇s sustainable growth capacities are positive,while the impact of liquid shareholders is passive.The enterprises＇ sustainable growth capacities have significant endogenous relationship with rights of stakeholders.There are significant differences on the sustainable growth capacities between the enterprises with perfect governance structure and ones with imperfect governance structure.