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中小企业在国民经济中占有重要地位,但其寿命普遍较短,容易陷入财务困境。研究中小企业业绩转向,有助于其重获生长能力。本文从利益相关者的视角出发,选取1998~2007年发生业绩转向的96家中小上市公司作为样本,对主要利益相关者的显性利益与公司业绩转向成功的关系进行了二元逻辑回归分析。通过逐步引入各主要利益相关者的显性利益,研究发现:在仅考虑非财务类利益相关者的情况下,满足与企业关系更紧密的利益相关者的显性利益的业绩专项更容易取得成功;在考虑所有主要利益相关者的情况下,来自财务类的股东、债权人和非财务类的管理层的显性利益则更为重要——在资源有限的情况下,他们的显性利益越得到满足,转向成功的可能性更大。
Small and medium-sized enterprises occupy an important position in the national economy, but their life expectancy is generally short and they are easily caught in financial distress. Research on the performance of small and medium enterprises to turn, help to regain its ability to grow. This paper, from the perspective of stakeholders, selects 96 small and medium-sized listed companies that have turned their performance from 1998 to 2007 as a sample and conducts a dualistic logistic regression analysis on the relationship between the dominant interests of key stakeholders and the success of the company’s performance. Through the gradual introduction of the dominant interests of all major stakeholders, the study found that performance is more likely to be successful if the non-financial stakeholders are considered to meet the explicit interests of the more closely related stakeholders of the enterprise ; The dominant benefits from shareholders, creditors and non-financial management are even more important when considering all major stakeholders - the more explicit their benefits are in the face of limited resources Satisfied, more likely to turn to success.