商业模式框架下利益相关者满足与企业价值关系研究——来自我国教育传媒行业上市公司面板数据的系统GMM估计

Research on Relevance of the Stakeholders' Satisfaction and the Core Enterprise's Value in Business Model Based System-GMM——data from the listed companies of education and media industry

在广义虚拟经济背景下,商业模式的重要性逐渐引起各方关注,但由于缺乏对其构成要素之间关系的深入研究,商业模式理论的应用受到限制。本文在商业模式理论框架下,对其构成要素中利益相关者与企业价值之间的关系进行深入探讨,指出利益相关者的满足是影响商业模式中企业价值的关键变量;在此基础上,采用动态面板模型系统GMM方法对我国教育传媒行业上市公司的数据进行实证分析,结果表明利益相关者满足与企业价值显著相关。

In the generalized virtual economy, the importance of business model has drawn greater attention. The lack of research on the relationship among the elements of business model hinders the application of the theory of business model. This article intends to do some further research on the relationship between the stakeholders and the core enterprises＇ value. Based on the business model theory, this study finds that the stakeholders＇ satisfaction is a key element which can influence the core enterprises＇ value in business model. Finally, we carry on an empirical analysis on China＇s education and media listed companies based on the dynamic panel data model using system-GMM. The results show that the stakeholders＇ satisfaction and the enterprise＇s value are significantly correlated.