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企業(yè)家聲譽對我國上市公司績效影響的實證研究

發(fā)布時間:2018-03-02 05:23

  本文關鍵詞: 企業(yè)家聲譽 公司績效 利益相關者 G1法 出處:《安徽大學》2014年碩士論文 論文類型:學位論文


【摘要】:近年來隨著社會和經(jīng)濟的發(fā)展,企業(yè)之間的競爭逐漸從價格競爭、品牌競爭轉變?yōu)槠髽I(yè)家聲譽的競爭,企業(yè)家是否具有良好的聲譽最終會影響到公司的績效。因此,企業(yè)家聲譽的建立和維護受到越來越多的關注。良好的企業(yè)家聲譽可以降低因信息不對稱原因造成的市場交易成本,這有利于增加公司的融資機會,提高公司的資本運營效率,最終達到提高公司績效的目的。 企業(yè)家聲譽在學術上并不是一個新的概念,國內(nèi)外學者已經(jīng)對其進行了大量研究,但是它在當前的經(jīng)濟社會中卻是一個新的問題。早在200多年前,亞當·斯密就提出了企業(yè)家聲譽的概念,但在當時它只是一個學術概念,而不是一個被關注的社會問題。在21世紀隨著施樂、安然等國際公司財務丑聞的集中爆發(fā),企業(yè)家聲譽的重要性才逐漸被社會公眾所關注,從而引起國內(nèi)外學者將其視為一個富有現(xiàn)實意義的問題進行深入的研究。西方學者對企業(yè)家聲譽的研究較早,從企業(yè)家聲譽的內(nèi)涵、形成過程、測量方法到應用方面都有大量的研究成果,這些研究促使了國外企業(yè)家聲譽機制的建立,并對公司治理結構的完善起到了一定促進作用。但是,我國對企業(yè)家聲譽的研究還處于起步階段,在理論方面也主要是以引入國外研究成果為主,在實證研究方面也沒有成熟的企業(yè)家聲譽測量方法,這大大阻礙了我國企業(yè)建立、維護企業(yè)家聲譽的積極性和主動性,阻礙了我國公司治理結構的完善和企業(yè)家聲譽機制作用的發(fā)揮。 本論文主要研究了有關企業(yè)家聲譽的三個問題:什么是企業(yè)家聲譽?如何測量企業(yè)家聲譽?企業(yè)家聲譽如何對公司績效產(chǎn)生影響?從這三個問題出發(fā),本文以2009.2012年我國滬深兩市A股的制造業(yè)上市公司為研究樣本,以公司績效為研究對象,通過構建回歸模型實證檢驗了企業(yè)家聲譽對公司績效的影響。實證分析表明,企業(yè)家聲譽與公司績效正相關,即企業(yè)家聲譽越高,公司績效越好;并且企業(yè)家聲譽對公司后期績效具有顯著的提升作用;但是隨著時間的延續(xù),企業(yè)家聲譽對公司后期績效提升的顯著性會下降。本研究共分為五個部分: 第一部分是緒論。該部分主要介紹了本文的研究背景和意義、國內(nèi)外研究文獻綜述、研究思路和方法以及本文的創(chuàng)新點。 第二部分是理論分析。該部分主要介紹了聲譽、企業(yè)家聲譽的相關概念、公司績效的相關概念、本文研究的相關理論以及企業(yè)家聲譽對公司績效的作用機理。 第三部分是研究設計。基于文獻綜述和理論分析,該部分提出了研究假設并選取相關指標,確定測量方法,構建了企業(yè)家聲譽模型和公司績效回歸模型。 第四部分是實證分析。根據(jù)指標的數(shù)值,通過運用G1法確定指標權重,得到了企業(yè)家聲譽的測量模型,在此基礎上檢驗了企業(yè)家聲譽對公司績效的影響。 第五部分是研究結論、建議和展望。該部分基于以上的理論分析和實證檢驗,歸納總結出了企業(yè)家聲譽和公司績效的相關研究結論,并提出了優(yōu)化企業(yè)家聲譽機制的政策建議,最后針對本研究存在的不足進行了展望,為未來的研究指明方向。
[Abstract]:In recent years, with the development of society and economy, the competition between enterprises gradually from price competition, brand competition into the competition of reputation, whether entrepreneurs with good reputation will ultimately affect the company's performance. Therefore, the establishment and maintenance of the entrepreneur's reputation has attracted more and more attention. Good reputation can be reduced due to information the causes of the asymmetry of the market transaction cost, which is beneficial to increase the company's financing opportunities, improve the company's capital operation efficiency, and ultimately achieve the goal of improving corporate performance.
In the academic reputation of entrepreneurs is not a new concept, the domestic and foreign scholars have done a lot of research on it, but it is in the current economic society in a new problem. As early as 200 years ago, Adam Simy proposed the concept of entrepreneur's reputation, but at the time it is just an academic concept. Not a concern of social problems. In twenty-first Century with Xerox, centralized financial scandal of Enron and other international companies broke out, the importance of reputation is social public attention, which caused the domestic and foreign scholars regard it as a realistic problem for further study. The western scholars study on Entrepreneur's reputation earlier, from the connotation of entrepreneur's reputation formation process, measurement methods are applied to a large number of research results, these findings prompted the establishment of reputation mechanism of entrepreneurs abroad. To improve the corporate governance structure has played a certain role. However, the research on the entrepreneur's reputation in China is still in the initial stage, the theory is mainly to introduce the foreign research results, no reputation measurement methods mature in the empirical research, which greatly hindered the establishment of enterprise in our country, and actively proactive maintenance of reputation, hindering China's corporate governance structure and the improvement of the reputation mechanism play a role.
This paper mainly studies three problems about entrepreneur's reputation: what is the entrepreneur's reputation? How to measure the reputation of entrepreneurs? The reputation of entrepreneurs how to impact on corporate performance? Starting from these three problems, this paper manufacturing industry in 2009.2012 years of China's Shanghai and Shenzhen two A shares of listed companies as research samples, to study corporate performance the object to test the impact of reputation on corporate performance by constructing the empirical regression model. The empirical analysis shows that the entrepreneur's reputation is positively correlated with corporate performance, namely the reputation of entrepreneurs is higher, the better the corporate performance; and the reputation of entrepreneurs has significantly enhance the role of the latter company performance; but as time went on, the reputation of entrepreneurs will decline significantly to enhance the performance of the company later. This research is divided into five parts:
The first part is the introduction. This part mainly introduces the background and significance of the research, literature review, research ideas and methods, as well as the innovation of this paper.
The second part is theoretical analysis. This part mainly introduces the concept of reputation, entrepreneur reputation, the related concepts of corporate performance, the related theories of this paper and the mechanism of entrepreneurial reputation on corporate performance.
The third part is research design. Based on literature review and theoretical analysis, this part puts forward the research hypotheses and selects relevant indicators, determines the measurement method, and constructs the entrepreneur reputation model and corporate performance regression model.
The fourth part is empirical analysis. According to the value of index, we use G1 method to determine index weight, and get the measurement model of entrepreneur reputation. On this basis, we examine the impact of entrepreneur reputation on company performance.
The fifth part is the conclusion of the study, suggestions and prospects. In this part, the theoretical analysis and empirical test based on the above, summarized the related research conclusion entrepreneur's reputation and corporate performance, and put forward the optimization of the reputation mechanism suggestions, finally makes an outlook for the deficiencies in this research, indicates the direction for future research.

【學位授予單位】:安徽大學
【學位級別】:碩士
【學位授予年份】:2014
【分類號】:F272.91;F275;F832.51

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