The Benefit Counterparts Govern With Enterprise Achievements Empirical Analysis

In 1963, the American Standford Research institute's scholars put forward the benefit counterparts' concept for the first time. In 1965, Ansoff introduced most early a benefit counterparts word the management educational world, afterward, in take Freeman as representative's scholars diligently, the benefit counterparts theory was day by day rich. The 1980s's malicious purchase tide caused the people to be right"the shareholder benefit was supreme"the question, promoted the development which and the consummation the benefit counterparts governed. Now, many countries gradually are implementing the benefit counterparts to participate in the enterprise governing, promotes enterprise's long-term development. In the US, Britain, China and so on many countries start through the legislative request"the benefit counterparts"to serve for the company, but is not only serves for the shareholder, but Germany"the staff participates in the system"with the Japanese Enterprise"the main bank system"is the various countries' attention benefit counterparts benefit prominent model.On October 26, 2008, "2008 Chinese Corporation Governed Evaluation report" announces had Chinese Corporation to govern the condition"the barometer"name 2008 Chinese Corporation to govern the index, the benefit counterparts governed the index mean value are 53.41, but in 2002, the benefit counterparts participated in the government index mean value is only 20.52, during the short six years, the benefit counterparts participated in the government index increasing 32.89, this explained that in our country To be listed the benefit counterparts participated in the degree which the enterprise governed enhancing year by year.China "To be listed Governed Criterion" and "Law of corporation" emphasized the benefit counterparts should participate in the enterprise governing, that the benefit counterparts governed in our country implement the situation are also at present what kind of? Whether the benefit counterparts do participate in the government compared to the shareholder unilateral government really may bring a better benefit to the enterprise? But this is precisely the question which this article needs to solve. Because the benefit counterparts govern the theory are request to realize the benefit counterparts benefit maximization, at present the research which governs to the benefit counterparts concentrates much in the standard research, but the empirical study also much uses the method which the questionnaire and the expert grade, is different with this article research technique and the mentality, causes this article the literature resources not to be rich. But, this article, in profits from the benefit counterparts to govern the theory and the Nankai University Company governs Research center's company to govern the evaluation number in the foundation, completely oneself can govern to enterprise's benefit counterparts carries on the experimental classification, divides the different type the benefit counterparts govern the type and the shareholder unilateral government type, then, governs according to the classified result analysis benefit counterparts with the shareholder unilateral government respectively to the enterprise achievements influence, as well as the different benefit counterparts govern the type to the enterprise achievements influence. And, uses more general Tobin Q regarding the enterprise achievements' weight.This article has mainly used the statistical analysis method, utilizes from 2005 to 2007 to be listed annual report data analysis different benefit counterparts to govern the type and the shareholder unilateral government type to the enterprise achievements influence, as well as the different type's benefit counterparts govern to the enterprise achievements influence.Because myself write with the research skill limit, governs the type to the benefit counterparts in the classified target selection to await improvements, causes the model the fitting is not too good, but may explain some questions. May discover through the real diagnosis statistical analysis result that any benefit counterparts participate in the government the enterprise achievements being probable to be better than the shareholder unilateral government enterprise achievements; But each different benefit counterparts participate in the government type, also participates in the government by the staff and the government, the creditor participating in the government type and the staff participates in the government type being more remarkable to the enterprise achievements influence. The controlled variable profession difference and the first major stockholder nature and the enterprise achievements have the correlational dependence, moreover correlational dependence. But region economic society development difference this variable to the enterprise achievements' influence is not remarkable.This article most main innovation is participates in the government with the benefit counterparts the type explanation to the enterprise achievements influence, but is not uses the predecessor the method study various benefits counterparts to the enterprise achievements influence. This article governed the type to enterprise's benefit counterparts to carry on the classification, but present governed classified to the benefit counterparts the analysis, according to what is known by the author, not yet had.