Impact Of Non-Financial Stakeholders On The Company’s Financial Policy-Theory And Evidence

Now there are many studies on the impact of corporate financial stakeholders and financial policies, there are also some foreign research indicates that behavior of corporate non-financial stakeholders will affect its capital structure and dividend policy. Titman (1984) is the first one on financial policy study indicates that capital structure of financial stakeholders is closely related to the investment decisions. According to the enterprise financial policy of financial stakeholders theorem, this article will use the two elements of implicit contracts and special investment as the mechanism of action of this study to explore the relationship and influence of employee, suppliers, consumers and financial policies.This article collects 324 companies data of the Shanghai Stock Exchange and Shenzhen Stock Exchange, using financial data disclosed to the 2014 year of research and analysis. We obtained the following conclusions:(1) The expected bankruptcy costs and the capital structure of non-financial stakeholders are negatively correlated. Employees, suppliers, consumers expected bankruptcy costs increase, the liabilities of the corporate decrease. (2) Non-financial stakeholders bargaining power and corporate capital structure are negatively correlated. Among them, the bargaining power of customers, suppliers and corporate dividend are also negatively correlated. (3) Corporate can adjust the capital structure and dividend policy to make non-financial stakeholders invest more specific investment.Chinese listed companies should involve the interests of non-financial stakeholders when managers decide capital structure and dividend policy,which can make the companies better in the industry market.