Empirical Analysis of the Effect of Internal Stakeholders' Social Capital on the Efficiency of Listed Company's Financial Governance

摘要

The core of the efficiency of listed company's financial governance is the financial performance of the corporate, and the social capital of stakeholders is increasingly influencing corporate performance.In this paper, we used survey data on the A-share listed companies in China, open financial data of these companies and the structural equation models to empirically analyze the effect of internal stakeholders' social capital on the efficiency of listed company's financial governance. This paper concluded that among the internal stakeholders, the social capital of shareholders and operators can significantly affect the efficiency of company's financial governance, while the social capital of employees has no significant influence on the four variables of the corporate financial performance. These findings demonstrate that the impact of social capital of internal stakeholders (especially shareholders and operators) on the efficiency of listed companies' financial governance cannot be ignored.