The Researching On Value-Based Management Of Stakeholder Enterprise

When value capture is replaced with value creation, the realizing of enterprisevalue is depending on efficient cooperation among stakeholders. Although there aresome intersection between value-based management theory and stakeholder theory,it’s could not meet enterprises under new economy. Establishing a system ofenterprise value-based management theory based on stakeholder is not only animportant practical question concerning survival and development of stakeholderenterprise, but also a key subject needing to lucubrate and research. So there areimportant theoretical value and practical significance.Based on the latest results of value-based management theory home and abroadand value-based management practice, and aimed at the key obstacle betweenvalue-based management and stakeholder theory, the thesis researches severalthemes next in using the various normative and empirical methods, such asdeductive inference method, inductive inference method, collectivism methodology,individualism methodology, function theory method and case study method and soon.The first theme is the researching on the process of stakeholder enterpriseownership and enterprise classification. The enterprise value is the value of enterpriseownership and different ownership of enterprise determined different connotation inenterprise value, in turn the objective of value-based management. So, theclassification of enterprise from the view of ownership is the premise of establishingvalue-based management model for stakeholder enterprise. Beginning with the natureof enterprise and combining with collective choice theory, the thesis deduces theformation process of enterprise ownership and puts forward that the process includestwo steps: the choice of general rules about enterprise by stakeholders and the choiceof ownership arrangement about some special enterprise by stakeholders. Just becausethe stakeholders who take part in collective choice process include material capitalowners and human capital owners and social capital owners, and everyone can share the ownership of enterprise, so the stakeholder enterprise can be classified withtraditional capital enterprise, knowledge enterprise, network connection enterprise,innovative enterprise, capital-network enterprise, knowledge-network enterprise andsynthesize concert enterprise seven kinds.The second theme is to establish the general model of value-based managementfor stakeholder enterprise. The thesis established the general model of value-basedmanagement along the way from the objective of value-based management to drivingfactors of value-based management to evaluating value-based management. As for theobjective of value-based management, based on the classification of stakeholderenterprise, the thesis put forward that the general expression of enterprise value is thevalue of internal stakeholder value in different stakeholder enterprise, which laid thefoundation to make the objective of value-based management as the endogenousvariables of value-based management theory system. As for the driving factors ofvalue-based management, enterprise is a value cube with business and resource andstakeholder three dimensions decided by the double-deck boundaries of enterprise.According to that, the thesis established a crisscross general model of value-basedmanagement by adding three process driving factors to traditional three result drivingfactors. The process driving factors include business management, resourcemanagement, and stakeholder management. As for evaluating value-basedmanagement, the thesis designed specific evaluating indicators from four aspectsstandardized by internal stakeholder value maximization or enterprise valuemaximization. The four aspects are financial aspect, business management aspect,resource management aspect, and stakeholder management aspect. These evaluatingindicators can give some references for practice of value-based management.The third theme is to establish the special model of value-based management forstakeholder enterprise. Based on the reclassification of stakeholder enterprise and thegeneral model of value-based management, the thesis discussed the special model ofvalue-based management for each kind of stakeholder enterprise respectively. Eachspecial model of value-based management include objective of value-basedmanagement, driving factors of value-based management, evaluating indictors ofvalue-based management, and some value-based management patterns, which is to resolve the main contradictions among value-based management. As a whole, forseven kinds of stakeholder enterprise, the value-based management pattern can beclassified optimizing internal stakeholders and cooperating with external stakeholderstwo kinds. There are some differences in each classification for different stakeholderenterprise.The last theme is the case analysis. The thesis meticulously chose TCL group,Tetra Pak enterprise and Wens group as cases to analyze their value-basedmanagement patterns and effects. The analyzing can provide evidence for the researchabove and further guidance for enterprise to implement value-based management withcore of stakeholder.There are several main contributions in the research.The first contribution is to perfect the theory chain of value-based managementsystem and overcome the exogenous question of value-based management objectiveby establishing value-based management model on the basis of enterprise theory. Thetheory chain of value-based management in the thesis is that from firm nature toownership structure of enterprise to the objective of value-based management tovalue-based management model. The second contribution is to make stakeholdermanagement as the core process driving factor of enterprise value and to establish thegeneral model of value-based management for stakeholder enterprise. The research isa good exploration for the deep development of value-based management theory onthe basis of stakeholder theory. The third contribution is to establish the special modelof value-based management for each kind of stakeholder enterprise. That can enrichthe value-based management theory documents and provide guidance for differentkind of enterprises’ value-based management practices just as a handbook.