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在构建企业成长性和利益相关者满足评价体系的基础上,基于闲置资源假说和管理机会主义假说建立了企业成长性对利益相关者满足的理论分析框架。运用改进的模糊综合评估法和动态面板系统GMM作为研究方法对中国中小板制造业上市公司进行了实证分析。实证结果表明:企业成长性处于一般水平,而利益相关者满足处于较弱阶段;成长性对利益相关者满足度符合闲置资源假说;利益相关者满足度亦具有正向的动态连续性;同时,企业规模、企业治理结构和产品市场表现也会对利益相关者满足度产生影响。
On the basis of constructing enterprise growth and stakeholder satisfaction evaluation system, this paper establishes the theoretical framework for the enterprise growth to satisfy stakeholders based on idle resource hypothesis and management opportunism hypothesis. The paper uses the improved fuzzy comprehensive evaluation method and the dynamic panel system GMM as the research method to carry on the empirical analysis to the Chinese small and medium panel manufacturing listed companies. The empirical results show that: the growth of enterprises is at a general level, while the stakeholders’ satisfaction is in a weak phase; the satisfaction of growth to the stakeholders is in line with the idle resource hypothesis; the satisfaction of stakeholders also has positive dynamic continuity; Firm size, corporate governance structure and product market performance also have an impact on stakeholder satisfaction.