专用性投资与上市公司声誉关系的实证研究

发布时间：2018-06-07 14:23

本文选题：专用性投资 + 公司声誉　；参考：《成都理工大学》2012年硕士论文

【摘要】：近年来，我国产品安全危机事件频现，各行业由产品伤害危机所引发的行业性声誉危机成为关注的焦点。本文立足我国现实的制度背景与市场特征，直面企业产品市场声誉危机，从企业专用性投资与企业声誉内在关系视角分析企业声誉形成机理，透视声誉危机产生的根本性原因，回答了“企业声誉形成的根本路径及影响因素，专用性投资与企业声誉的内在逻辑关系”这两个命题。本文以专用性投资与公司声誉内在逻辑关系为研究主线。通过理论演绎，清晰界定了专用性投资、公司声誉这两个关键概念，，并建立理论模型，选择效果较优的结构方程模型，运用指标体系，并结合中国产品市场与消费者对产品危机的反应，选取食品、医药、家电三个行业进行实证检验。在理论分析与实证检验的基础上，结合我国制度背景，通过优化专用性投资结构，构建声誉管理体系，实施声誉管理战略，提升企业声誉。本文的主要研究内容：通过理论演绎，认为“专用性投资”是企业为改善经营效率、建立和维护特定交易关系、增强核心竞争力、提升声誉而对专用性资产进行的品牌资本投资、RD投资、广告投资、非残值性生产投资等战略性投资，是对专用性资产的合理配置与资产结构的优化匹配，是向利益相关者提供可置信承诺、表现实现承诺的动机和能力，是对企业声誉建设管理的投入和声誉信息的传递；“公司声誉”是利益相关者对企业履行自然契约与社会契约的综合评价，是企业利益相关者之间制衡关系作用的结果，是企业对利益相关者承诺的可置信度，是企业对产业链关键环节专用性投资效应的积累。基于利益相关者理论，构建了公司声誉形成链与反哺链模型，用以解析企业专用性投资与公司声誉的内在逻辑关系。引入可置信承诺，构建专用性投资、可置信承诺与公司声誉SCR互动模型，认为公司声誉表现为承诺可置信度与专用性投资结构综合影响的结果，且公司声誉随着专用性投资结构的不断优化、承诺可置信度的不断提高而逐渐提升。在理论模型的基础上，通过设计专用性投资、公司声誉变量指标体系，构建专用性投资与公司声誉结构方程模型，选取食品、医药、家电三个行业上市公司2006-2010年数据作为实证研究样本，对专用性投资与公司声誉的关系进行实证研究。实证分析结果显示：我国食品行业和家电行业上市公司专用性投资与公司声誉存在显著正相关关系，医药行业上市公司专用性投资与公司声誉存在较为显著的正相关关系。针对实证结果，结合我国现实制度背景和市场特征，从系统工程视角，遵循声誉形成的内在逻辑，从宏观监督管制、中观产业布局、微观企业管理三个层面构建了“企业主导、政府引导、公众参与”的金字塔声誉系统管理体系。宏观层面，建立与中国经济体制、社会背景、利益主体能力、市场特征相匹配的政策法规与企业声誉危机处突预案，完善声誉监管体系，为企业声誉战略实施营造良好氛围。中观层面，通过将企业与其上、下游企业链接起来，构建企业声誉共享网络，同时优化产业链区域空间布局，使产业链关键环节专用性投资在企业声誉建立与维护过程中发挥集成效应，成为产业链节点企业专用性投资优化配置的重要平台，从而实现产业链关键环节专用性投资结构动态优化，促进企业声誉持续提升。微观层面，借鉴战略平衡计分卡思想，将企业应对声誉危机的理念与企业实施声誉战略落实到具体行动中，构建企业声誉战略实施路径和操作框架，通过优化专用性投资结构，实施声誉战略，提升公司声誉，增强公司声誉持续提升能力与声誉竞争力。本文可能的贡献体现在：（1）从利益相关者视角，建立了基于利益相关者的公司声誉形成链与反哺链模型，从公司声誉形成与反哺过程中描述了专用性投资与公司声誉的内在逻辑关系，并引入可置信承诺，构建了专用性投资、可置信承诺与公司声誉SCR互动模型；（2）在实证研究方法上，选择了结构方程模型，从财务指标视角构建了专用性投资与公司声誉关系指标体系和结构方程模型；（3）从宏观监督管制、中观产业布局、微观企业管理三个层面构建“企业主导、政府引导、公众参与”的金字塔声誉系统管理体系。在总结已有研究的基础上，本文对我国上市公司专用性投资与公司声誉的关系进行了理论分析与实证研究，取得了一些研究成果，但是受理论知识与时间的限制，本文还存在一些局限：（1）构建的专用性投资、可置信承诺与公司声誉SCR互动模型只是给出了一个大体框架，没有严谨的数理逻辑推演，存在不严密之处；（2）本文研究样本只选取了食品、医药、家电三个行业，没有考虑更多的行业，需要进一步扩展；（3）由于指标量化与数据可得性等因素，模型指标选取只限于企业财务指标，未能充分考虑所有利益相关者对公司声誉的评价影响，因而研究结果受到局限，需要进一步拓展完善公司声誉评价指标体系。
[Abstract]:In recent years, the crisis of product safety in our country has been frequent, and the industry reputation crisis caused by the product damage crisis has become the focus of attention. This paper, based on the institutional background and market characteristics of our country, directly faces the reputation crisis of the enterprise product market, and analyzes the enterprise reputation from the perspective of the intrinsic relationship between the private investment and the reputation of the enterprise. The two propositions of "the fundamental path and influencing factors of the formation of corporate reputation and the inherent logical relationship between the private investment and the reputation of the enterprise" are answered by the formation mechanism.
This paper focuses on the inner logical relationship between private investment and corporate reputation. Through theoretical deduction, we clearly define the two key concepts of private investment and corporate reputation, establish a theoretical model, choose a more effective structural equation model, use the index system, and combine the Chinese product market and the consumer to the product crisis. Three industries of food, medicine and household appliances are selected for empirical test. On the basis of theoretical analysis and empirical test, combining with the institutional background of our country, the reputation management system is constructed and reputation management strategy is implemented to improve the reputation of the enterprise by optimizing the special investment structure.
The main contents of this paper are as follows:
Through theoretical deduction, it is considered that "special investment" is a strategic investment, such as brand capital investment, RD investment, advertising investment and non residual value production investment to improve business efficiency, establish and maintain specific transaction relations, enhance core competitiveness, enhance reputation and carry out brand capital investment for special assets. The optimal match of the asset structure is to provide the stakeholders with a credible commitment, the motivation and ability to demonstrate the realization of the commitment, the transfer of the investment and reputation information of the enterprise reputation construction management, and the "corporate reputation" is the comprehensive evaluation of the stakeholders on the performance of the natural contract and the social agreement by the stakeholders, and is between the stakeholders of the enterprise. The result of checks and balances is the reliability of the commitment of the stakeholders to the stakeholders, and is the accumulation of the specific investment effect of the key links in the industrial chain.
Based on stakeholder theory, the corporate reputation formation chain and the back feeding chain model are constructed to analyze the internal logical relationship between the firm's private investment and the company reputation. The confidence commitment is introduced to build a specific investment, and the confidence commitment and the company reputation SCR interaction model are established. As a result of the comprehensive impact of the capital structure, the company's reputation has gradually improved with the continuous improvement of the specific investment structure and the continuous improvement of the commitment.
On the basis of the theoretical model, through the design of special investment and the company reputation variable index system, we construct the equation model of special investment and company reputation structure, select the 2006-2010 year data of three listed companies of food, medicine and household appliances as empirical research samples, and make an empirical study on the relationship between the specific investment and the reputation of the company. The results show that there is a significant positive correlation between the private investment of the listed companies in the food industry and the household electrical appliances industry and the reputation of the company. There is a significant positive correlation between the special investment of the listed companies in the pharmaceutical industry and the reputation of the company.
In view of the empirical results, combined with the actual system background and market characteristics of our country, from the perspective of system engineering and following the internal logic of reputation formation, the Pyramid reputation system management system of "enterprise leading, government guidance, public participation" is constructed from the three levels of macro supervision control, meso industrial layout and micro enterprise management. The policies and regulations that match the Chinese economic system, the social background, the interests of the main body, the market characteristics and the crisis of the corporate reputation crisis, improve the reputation supervision system, and create a good atmosphere for the implementation of the reputation strategy. Optimizing the regional spatial distribution of industrial chain, making the key link of the key link of the industrial chain play an integrated effect in the process of establishing and maintaining the reputation of the enterprise, is an important platform for the optimal allocation of special investment in the industrial chain node enterprises, thus realizing the dynamic optimization of the special investment structure of the key link of the industrial chain and promoting the continuous promotion of the enterprise reputation. At the micro level, using the idea of Strategic Balanced Scorecard, the concept of enterprise reputation crisis and enterprise implementation reputation strategy are implemented to concrete action, and the implementation path and operation framework of corporate reputation strategy are constructed. By optimizing the special investment structure, implementing reputation strategy, raising the reputation of the company, enhancing the company's reputation and enhancing its ability to continue to improve its reputation. Reputation competitiveness.
The possible contributions of this paper are as follows: (1) from stakeholder perspective, the company reputation forming chain and back feeding chain model based on stakeholder are established, and the internal logical relationship between private investment and corporate reputation is described in the process of corporate reputation formation and feedback, and confidence commitment is introduced to build a specific investment and credible commitment. With the corporate reputation SCR interaction model; (2) in the empirical research method, the structural equation model is selected, the index system and the structural equation model of the special investment and the company reputation are constructed from the perspective of financial indicators. (3) the "enterprise leading, the government guidance" is constructed from the macro supervision control, the medium view industrial layout and the micro enterprise management in three levels. Public participation "Pyramid reputation system management system.
On the basis of summarizing the existing research, this paper makes a theoretical analysis and Empirical Study on the relationship between private investment and corporate reputation of Listed Companies in China, and has obtained some research results. However, limited by the theoretical knowledge and time, there are some limitations in this paper. (1) the special investment is constructed, and the confidence commitment and the company reputation SCR are mutual. The dynamic model only gives a general framework, there is no rigorous mathematical logic deduction, and there is imprecision. (2) this paper only selects three industries as food, medicine and household appliances, without considering more industries and needs further expansion; (3) the selection of model indexes is limited to enterprises due to factors such as quantitative index and data availability. The financial indicators of the industry have not fully taken into account the impact of all stakeholders on the reputation of the company, so the research results are limited, and we need to further develop and improve the index system of the reputation of the company.
【学位授予单位】：成都理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F224

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