The Relationship Between Multivariate Capital Symbiosis And Quality Of Earnings

The role of knowledge elements in economic growth has become increasingly prominent.The value of an enterprise no longer depends entirely on how much physical capital the enterprise possesses.Many non-financial factors,such as human talent,creativity and consumer satisfaction have an important impact on creating value and sustainable development for a company.Therefore,it evolved many new concepts of capital,such as human capital,social capital,ecological capital and other diversified capital.In this paper,we study the mutual transformation between different capital elements in the multi-capital system,including the conversion between monetary capital elements,the conversion between non-monetary capital elements,the conversion between monetary capital elements and non-monetary capital elements.By studying the mutual influence of capital elements in the capital system,we can analyze their influence path and influence degree on corporate earnings quality,and then discuss the possibility of investing diversified capital in our country's enterprises.Based on the theory of stakeholder,symbiosis theory and capital network,supplemented by the viewpoints of multivariate capitalism,this paper constructs multivariate capital theory from the perspective of stakeholders and analyzes the process of reciprocity and mutualism between capital elements.Through the empirical analysis of the impact of multivariate capital symbiosis on corporate earnings quality,this paper explains well the living conditions and movement mechanism of multivariate capital in enterprise value network.This paper collects the current domestic and foreign scholars' research results in such fields as multivariate capital,capital symbiosis,stakeholder theory and quality of earnings,and expounds the relationship between multivariate capital symbiosis and quality of earnings,and puts forward research hypotheses accordingly.After that,based on the A-share listing manufacturing enterprises,this paper selects the financial and non-financial data from 2014 to 2016 for research.Through the path analysis,it is found that symbiotic relationship exists between multiple capital,in which ecological capital has a significant positive impact on social capital,human capital has a significant positive impact on monetary capital,social capital has a significant negative impact on monetary capital,Ecological capital has a significant positive impact on monetary capital,and monetary capital has a significant positive impact on earnings quality.The relationship between ecological capital and human capital,human capital and social capital is not significant and has not been verified.