论文部分内容阅读
按照不同利益相关者视角,企业声誉分为社会大众视角的企业声誉、消费者视角的企业声誉和投资者视角的企业声誉。不同利益相关者视角的企业声誉,对其融资结构的影响是不同的。本文利用我国创业板公司样本数据实证发现,社会大众和投资者视角的企业声誉抑制了企业债务水平,而消费者视角的企业声誉却对债务融资产生了积极影响,且其影响程度小于前两者视角的企业声誉的影响,导致企业整体声誉对负债水平的影响呈现负相关关系。说明创业板企业更加重视社会大众视角和投资者视角的企业声誉。本文的研究对于完善现有资本结构理论具有重要的理论价值和现实意义。
According to different stakeholder perspectives, corporate reputation is divided into corporate reputation from the perspective of the public, corporate reputation from the consumer perspective, and corporate reputation from the investor perspective. The corporate reputation from the perspective of different stakeholders has different effects on the financing structure. In this paper, we use the sample data of China’s GEM companies to find out that corporate reputation from the perspective of the general public and investors inhibits the corporate debt level, while the corporate reputation from the consumer perspective has a positive impact on debt financing, and its impact is less than the previous two From the perspective of corporate reputation, the overall reputation of the enterprise has a negative correlation with the impact of the debt level. Explain that GEM companies pay more attention to the corporate reputation of the public and investors. The research in this paper has important theoretical and practical significance for improving the existing capital structure theory.