Research On The Behavior Choice Of Stakeholders Under The Situation Of Financial Crisis

In recent years,with the gradual improvement and profound reform of China's capital market,Chinese enterprises are facing opportunities and challenges while achieving rapid development.Enterprise financial crisis frequent cause the attention of the theory and industry,and stakeholders as an important research object in the management of enterprise financial crisis,its behavior choice for enterprise financial situation has a vital influence direction,interests of heterogeneity in the financial crisis situation also response action and action time is not the same.Previous academic studies focused more on enterprises in financial crisis as the main body,and few literatures explained their interest demands in financial crisis situation and positive or negative influence on enterprises from the perspective of stakeholder behavior choice.This paper chooses to study the behavior choice of stakeholders in the enterprise under the situation of financial crisis.Firstly,shareholders,senior managers,creditors and the board of directors are selected as the stakeholders of this paper to conduct a general analysis of their behavior choices.Then,Using the financial model theory to analyze the behavior of stakeholders under the financial crisis situation has an impact on the development direction of the financial crisis,and the financial crisis is divided into two categories of interest consistency and conflict situation so as to analyze the category attributes of stakeholders.Second,as studies take 2016 by ST or the *ST to be listed as well as the pair financial normal enterprise the sample to carry on the real diagnosis analysis,selection of 13 representative stakeholders behavior of alternative indicators and applying Logistic regression model,draws the following conclusions: the shareholders and the senior managers just a year before the financial crisis in action,specific performance for convergence of appropriation of funds and collect accounts receivable,backlog inventory,etc.;The board of directors helps the enterprise through financial crisis by holding board meetings and adjusting internal governance structure.Creditors,who act later than other stakeholders,are more likely to choose self-protection behaviors,such as tightening the credit level and collecting the outstanding loans before collection.Finally,by tracing the reasons that influence the behavior choice,this paper puts forward policy suggestions on the internal governance of the company,the requirements of stakeholders and the irrational behaviors of managers.