Study On Conduction Mechanism Of Added-Value Distribution,Stakeholders' Satisfaction And Earning Quality

With the spread of stakeholder theory and the recognition of ownership of enterprise,the idea that "enterprise is an aggregation of stakeholders" takes the place of "enterprise belongs to shareholders".According to this idea,Ansoff found that the satisfaction of stakeholders can impact activitied of enterprises.And it help managers to find a way to improve enterprise's operating situation,enhance the competitiveness of enterprises.While making a summary of the research results in this field,author found that a large part of research still stay in trying to testify whether the satisfaction of stakeholders can impact enterprises' financial performance,but ignored the action mechanism between this process.In this paper,based on the idea that the resources provided by various stakeholders is an integral part of the enterprise's production and operation activities,author regarded the process of enterprise fulfilling their corporate social responsibility as the process of allocating surplus value to each interest subject,and build "the process of added-value distribution-stakeholders' satisfaction-earning quality" conduction mechanism framework,by introducing the theory of cognitive psychology into the process of value added distribution in enterprises.In order to prove that stakeholder satisfaction may play a mediating role in the process of the value added distribution structure affecting the quality of earnings,the author put the financial data of industrial enterprises listed on A shares between 2014 to 2016 and data of stakeholder satisfaction collected by questionnaire survey into the framework,and finally drawn the following conclusions:Improving the value added share and satisfaction of all stakeholders both can significantly improve the quality of enterprise profits,there are significant positive correlation between them,and in the process of satisfaction of human capital owner and public service owner affect EQ,the degree of satisfaction of stakeholders plays the role of full mediation,while in monetary capital owner and social capital owner are not significant.