Enterprise Stakeholders In Governance And Checks And Balances Between Study

The issue of corporate governance came into being with the separation of ownership rights and controlling rights, which drew attention from 1980s. Before 1980s, all people knew who the owner of firms was. Shareholder primacy and private property primacy are golden rules in market economy. Material capital is considered as the foundation for firs, thus shareholder naturally monopolize the ownership of firm and have the unique high position. But from the beginning of 1990s, shareholder theory has been seriously challenged by stakeholder. Stakeholder doesn't want to continue with their watching. Because of the increase of their power and the improvement of talents capital and technology, they hope to take part in the action of the firm. Basing on these theories, the dissertation is to break through the limitation of maximum interest of shareholder in traditional corporate governance. It is to research the theory structure for stakeholder and governance, and put forward the practical approach, so that the corporate governance mechanism system can be established, and the multi-interest corporate governance proposal could be put forward.There are three parts in this dissertation. Part one is the theory preparation for the corporate governance of stakeholder, which include chapter 2 and chapter 3. Part two is the theory innovation for the corporate governance of stakeholder, which include chapter 4 and chapter 5. Part three is the research on approaches for the corporate governance of stakeholder, which include chapter 6 and 7.Chapter one is introduction. It is to illustrate that the dissertation comes from theoretical challenge and rethinking on practice. It also point out the significance of theory and practice probe, together with the research structure and the main innovation and limitation.Chapter two is about reference materials and definition of contents. Basing on the theory of stakeholder and practice, the dissertation is to research the general and theoretical difference between stakeholder theory and shareholder primacy. It also put forward how to define stakeholder and those in firm, and give a scientific classification on stakeholders which have benefited from western research.Chapter three is about the theoretical bases for corporate governance of stakeholder. The nature and historical process of this issue have been put forward with reference of domestic and foreign materials. The dissertation has worked on the logical development from shareholder primacy to corporate governance of stakeholder, so as to take the very nature of corporate governance of stakeholder.Chapter four is about interest demand and interest conflict of stakeholder. For every stakeholder has various demands and various expectations on its realization, thus the interest conflict might appear, which is a forever issue. The operation process in firm is a one that needs balance and adjustment. It also research on the interest game and mutual check of stakeholder.Chapter five is to research the realization approach for stakeholder. Stakeholder has strong desire to take part in the action because of interest. They are to find the most appropriate way for all stakeholders. Thus they put forward the pattern that shareholders, managers, employees have the internal control, distributors, creditors and consumers have the contract in deal control, which governance and communities adopt the public contract control. It words on the realization approach for the corporate governance of stakeholder, including capital control, market control, contract control and law control.Chapter six is about the mechanism formation for the corporate governance of stakeholder. They adopt the best way to realize their interest demands. Making it concrete, making it into institution and making it into a system form the common governance mechanism. Thus the common governance mechanism come into being, which include the internal decision-making mechanism, supervision mechanism, stimulating mechanism, capital market, control market, manager market and product market, also with law, ethic and social culture controlling mechanism.Chapter seven is to research the path choice for stakeholder in China. Focusing on the shortcoming of corporate governance in China, and basing on the domestic and foreign operating mechanism, the dissertation put forward the strategy for multi-interest common governance: make structure better, cultivate investors; innovate function and duty of board of directors and serve the interest of related ones; have independent supervision to form multi-dimension supervision; cultivate management culture, promote the establishment of related rules.