从资本获得的角度,探究利益相关者治理的经济驱动因素,以2007~2010年4637家上市公司为样本,检验了利益相关者治理与企业融资约束的关系。研究发现,企业利益相关者治理能够有效缓解企业融资约束,不同利益相关者治理行为对融资约束的影响存在差异,而且对国有企业和民营企业的影响也不同。网络投票制、代理投票制、发布企业社会责任报告、环境保护、诉讼和仲裁事项等对民营企业融资约束有显著影响,网络投票制、投资者关系管理和捐款对国有企业融资约束有显著影响。
From the perspective of getting capital, this paper explores the economic driving factors of stakeholder governance, and adopts a sample of 4637 listed companies from 2007 to 2010 to investigate the effects of stakeholder governance on financial constraints.The results suggest that stakeholder governance can help firms relieve financial constraints, and there are differences among effects of different stakeholder governance behavior on financial constraints. What's more, effects between private enterprises and state-owned enterprise are also different. Online voting, proxy voting, publishing corporate social responsibility report, protecting environment and litigation and arbitration events exert significant effect on financial constraints of private enterprises. Online voting, investor relationship management and donation can help state-owned enterprises relieve financial constraints.