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以2007~2008年中国A股上市公司的年报数据为基础,实证分析了公司利益相关者对公司可持续增长能力的影响。研究结果表明:公司股东、债权者和职工等主要的利益相关者对公司可持续增长能力均有重大的影响,其中股东的影响最大,职工次之,最后才是债权者;控股股东、债权者和职工对公司可持续增长能力的提高有积极影响,流通股股东的影响则是消极的;公司可持续增长能力与利益者权利的大小有显著的内生性关系;治理结构完善与不完善公司的可持续增长能力的差异显著。
Based on the annual report data of Chinese A-share listed companies from 2007 to 2008, this paper empirically analyzes the impact of the company’s stakeholders on the sustainable growth of the company. The results show that the main stakeholders such as shareholders, creditors and employees have a significant impact on the sustainable growth capability of the company. Among them, the shareholder has the greatest influence, the worker takes the second place, and finally the creditor; the controlling shareholder and creditor And the employees have a positive impact on the improvement of the company’s sustainable growth capability. The effect of the shareholders of tradable shares is negative. The sustainable growth capability of the company has a significant endogenous relationship with the size of the rights of stakeholders. The improvement of the governance structure and imperfection of the company The difference of sustainable growth ability is significant.