企业家声誉对我国上市公司绩效影响的实证研究

发布时间：2018-03-02 05:23

本文关键词： 企业家声誉公司绩效利益相关者 G1法　出处：《安徽大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来随着社会和经济的发展,企业之间的竞争逐渐从价格竞争、品牌竞争转变为企业家声誉的竞争,企业家是否具有良好的声誉最终会影响到公司的绩效。因此,企业家声誉的建立和维护受到越来越多的关注。良好的企业家声誉可以降低因信息不对称原因造成的市场交易成本,这有利于增加公司的融资机会,提高公司的资本运营效率,最终达到提高公司绩效的目的。企业家声誉在学术上并不是一个新的概念,国内外学者已经对其进行了大量研究,但是它在当前的经济社会中却是一个新的问题。早在200多年前,亚当·斯密就提出了企业家声誉的概念,但在当时它只是一个学术概念,而不是一个被关注的社会问题。在21世纪随着施乐、安然等国际公司财务丑闻的集中爆发,企业家声誉的重要性才逐渐被社会公众所关注,从而引起国内外学者将其视为一个富有现实意义的问题进行深入的研究。西方学者对企业家声誉的研究较早,从企业家声誉的内涵、形成过程、测量方法到应用方面都有大量的研究成果,这些研究促使了国外企业家声誉机制的建立,并对公司治理结构的完善起到了一定促进作用。但是,我国对企业家声誉的研究还处于起步阶段,在理论方面也主要是以引入国外研究成果为主,在实证研究方面也没有成熟的企业家声誉测量方法,这大大阻碍了我国企业建立、维护企业家声誉的积极性和主动性,阻碍了我国公司治理结构的完善和企业家声誉机制作用的发挥。本论文主要研究了有关企业家声誉的三个问题：什么是企业家声誉?如何测量企业家声誉?企业家声誉如何对公司绩效产生影响?从这三个问题出发,本文以2009.2012年我国沪深两市A股的制造业上市公司为研究样本,以公司绩效为研究对象,通过构建回归模型实证检验了企业家声誉对公司绩效的影响。实证分析表明,企业家声誉与公司绩效正相关,即企业家声誉越高,公司绩效越好；并且企业家声誉对公司后期绩效具有显著的提升作用；但是随着时间的延续,企业家声誉对公司后期绩效提升的显著性会下降。本研究共分为五个部分：第一部分是绪论。该部分主要介绍了本文的研究背景和意义、国内外研究文献综述、研究思路和方法以及本文的创新点。第二部分是理论分析。该部分主要介绍了声誉、企业家声誉的相关概念、公司绩效的相关概念、本文研究的相关理论以及企业家声誉对公司绩效的作用机理。第三部分是研究设计。基于文献综述和理论分析,该部分提出了研究假设并选取相关指标,确定测量方法,构建了企业家声誉模型和公司绩效回归模型。第四部分是实证分析。根据指标的数值,通过运用G1法确定指标权重,得到了企业家声誉的测量模型,在此基础上检验了企业家声誉对公司绩效的影响。第五部分是研究结论、建议和展望。该部分基于以上的理论分析和实证检验,归纳总结出了企业家声誉和公司绩效的相关研究结论,并提出了优化企业家声誉机制的政策建议,最后针对本研究存在的不足进行了展望,为未来的研究指明方向。
[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.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.91;F275;F832.51

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