The Research On The Influence Of Stakeholders In Firm Financial Performance

Firm stakeholder management is an important instrument for a company's operation and strategic management in the business practices. The fields of practice and academic research of business management at home and abroad are dedicated to the deep research and discussion of the relevant field.Recently, the methods used in stakeholder management by firms in China are in disorder. In the beginning, this thesis pointed out the multi-attribute trichotomy which is suitable for China's stakeholder management and based on the classification of the attribute of firm stakeholders, did the mean value comparison and T test (Paired-samples T test) on the firm stakeholders'attributes, and used AHP to proceed empirical research on the classification of main stakeholders with examples. The results indicated that although the composition of China's firm stakeholders is as same as the result of foreign scholars' researches, it has its own characteristics which is that the stakeholders such as creditors and government are playing more important roles than the previous research found and this composition has a great negative influence in the orientation of stakeholders in the business management.The practice research of firm stakeholder management in China is mainly analyzing the influence of stakeholder in business operation by measuring the firm's social responsibility performance, ignoring the operation environment and other factors.Starting from the multi-attribute classification of stakeholders and the stakeholder management related models, this thesis analyzed the influence of stakeholders in firm financial performance, gradually revealed the inner connection of firm financial performance with stakeholders and firm strategy, built a conceptual model of stakeholders' influence in the financial performance, analyzed how stakeholders and firm strategy influence the financial performance in China, and made a inquiry on the features of the influence of stakeholders and the firm strategy in financial performance. In the perspective of the adverse affects formed by the relevant index of financial performance, this thesis explained the source of the existed defect of stakeholder management in China, offering a new method for China's firm stakeholder management and decision.Referring to the conceptual model and relevant normative analysis previously mentioned, this thesis built a multiple regression linear equation by examining the mechanization of firm stakeholders'influence in financial performance, researching the extent of the influence of stakeholder relationship variable and strategy variable in financial performance after controlling operation environment, pointed out that the stakeholder relationship variable and strategy variable have interaction effect, thus influence the financial performance. The result of the practice research indicated that the sample firms'stakeholder management is different from the results of some foreign researches-over emphasizing some stakeholders that have stronger legitimacy while ignoring the stakeholders that have higher urgent attribute, which will severely influence the long-term and continuous development of the firm. This suggests that China's stakeholder management strategy has severe defect, and in the meantime provides a new direction for the following researchers and managers to study the firm stakeholder management.