CAJ | 학술논문

基于123家沪深 A 股上市公司的样本数据，运用时间序列自回归模型；考量卓越与不良绩效企业股东、管理人员、员工、消费者、债权人和政府与财务绩效持续性的关系。结果表明，良好的利益相关者关系与卓越财务绩效的持续性正相关，与不良财务绩效的持续性负相关。不同的利益相关者对财务绩效持续性的影响存在差异，消费者和员工是保证卓越财务绩效持续性的最重要因素，也是陷入财务困境的企业实现业绩转向的关键推动力量。当企业经历财务困境时，股东的积极作用表现突出。
기우123가호심 A 고상시공사적양본수거，운용시간서렬자회귀모형；고량탁월여불량적효기업고동、관리인원、원공、소비자、채권인화정부여재무적효지속성적관계。결과표명，량호적이익상관자관계여탁월재무적효적지속성정상관，여불량재무적효적지속성부상관。불동적이익상관자대재무적효지속성적영향존재차이，소비자화원공시보증탁월재무적효지속성적최중요인소，야시함입재무곤경적기업실현업적전향적관건추동역량。당기업경력재무곤경시，고동적적겁작용표현돌출。
The investigation is based on the data from a sample of 123 companies of A shares in Shanghai and Shenzhen stock markets.We use Time series auto-regressive model to analyze the effect of the stakeholder relations on the persistence of superior financial performance and inferior financial performance.The results show that good stakeholder relations is positively related to the persistence of superior financial performance and negatively related to the persistence of poor financial performance.Different stakeholders have different effects on the persistence of financial performance.Employees and consumers are the most important factors that guarantee the per-sistence of superior financial performance,and also an important driving force helping the poor performing firms get out of financial difficulties.When enterprises experience financial difficul-ties,shareholders play a more prominent role.