公司和谐、利益相关者治理与公司业绩被引量：36

Corporate Harmony,Stakeholders Governance and Corporate Performance

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摘要利益相关者问题事关公司和谐,其在现行公司治理框架中的重要性日益凸显,本文设置包括利益相关者参与、和谐这两大部分的利益相关者治理评价指标体系,考察中国上市公司利益相关者参与公司治理和利益相关者和谐程度,得出利益相关者治理指数(CCGISNTKH)。随后的实证研究表明,利益相关者治理指数(CCGISNTKH)对净资产收益率、股本扩张能力、每股收益、主营业务利润率、总资产增长率均有显著的正面影响,这表明上市公司良好的利益相关者治理机制和较高的利益相关者治理水平有助于公司的和谐发展,增强公司的盈利能力,提升企业成长与发展潜力。同时,利益相关者治理机制所涉及到的各个方面对公司业绩也存在重要影响。因此,建议充分关注利益相关者权益,鼓励利益相关者适当而有效地参与公司治理和管理,促进公司和谐。 As an important aspect of corporate governance, stakeholders governance has great influence on corporate harmony. In this paper, we set up index system to appraise status quo of stakeholders participation in corporate governance and stakeholders harmony of Chinese listed companies, then get stakeholders governance index （CCGISTH^NK）. The further empirical researches show that CCGISTH^NK is positively associated with ROE, NAPS, EPS, OPE and ITA. These indicate that good stakeholders governance mechanisms and high level of stakeholders governance help corporations develop harmoniously and improve profitability, and growth and development potential of listed companies. At the same time, concrete aspects of stakeholders governance mechanisms also have important influence on corporate performance. So, we suggest that the company should pay attention to rights and interests of stakeholders, and encourage stakeholders properly and effectively to participate in corporate governance and management in order to enhance corporate harmony.

作者唐跃军李维安

机构地区复旦大学管理学院南开大学公司治理研究中心

出处《中国工业经济》 CSSCI 北大核心 2008年第6期86-98,共13页 China Industrial Economics

基金国家自然科学基金重点项目“中国公司治理及其评价研究”(批准号70532001) 复旦大学2007年度文科科研推进计划“金苗项目”“信息批露组合效应与管理层信息操作行为研究”(批准号07JM005)

关键词利益相关者治理治理机制治理指数公司业绩公司和谐 stakeholders governance governance mechanisms governance index corporate performance corporate harmony

分类号 F276.6 [经济管理—企业管理]

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