The Research On Stakeholders Sharing Added Values Of Enterprise

Since the1960s, with the changes of economic environment, the defects of thetraditional "shareholders first" governance theory has exposed. More and moreattentions have been attached to the roles of stakeholders in corporate governance.Currently the research on stakeholder governance mainly focuses on how tocoordinate the collaboration efficiency of all stakeholders in order to raise the value ofthe enterprise, but seldom focuses on the share of benefit among stakeholders. In fact,benefit sharing among stakeholders is an important issue in governance and its resultwill have a direct impact on the effects of corporate governance. This paper, on thebasis of previous studies, mainly focuses on how to share corporate surplus amongstakeholders.The Paper mainly based on regulating research method by using enterprisetheory, game theory and other economic theories, and combined with comprehensiveknowledge of each discipline, such as management, ethics and accounting etc. Theresearch shows the diversity of research methods by induction, questionnaire, caseanalysis and comparison. The Paper can be divided into nine chapters. Chapter One isintroduction, and Chapter Nine is conclusion. The core parts are from Chapter Two toChapter Eight. In addition, the key points, difficulties and innovations are mainlyconcentrated in chapter5-8.After explained the backgrounds and Current Situations of the Research at homeand abroad, Chapter Two firstly sorted out the theoretical basis and reality thatstakeholders share the enterprise added value. They can share the added value, mainlydepending on solid theoretical bases, such as contract theory, property rights theory,resource dependence theory and the symbiotic theory etc. At the same time, the paperproved the necessity of stakeholders sharing the enterprise surplus from theperspectives of theoretical analysis and practical investigation. Chapter Three first defines the subjects and objects before solving the problemsof sharing the added values. By analyzing the concept of stakeholder, based onwhether to participate in the collective choice of business, stakeholders will bedivided into internal stakeholders and external stakeholders. The internal stakeholdersare the mainstay sharing the surplus values. As far as the objects of sharing surplusvalue, the paper defines it as the added value from the perspective of valuemanagement. Enterprise value maximization is actually to maximize internalstakeholder value.Stakeholders must follow some theoretical guidance and norms when they sharethe incomes. Chapter Four of this article mainly discussed the principle, criteria,sharing patterns and measurement methods when the stakeholders sharing the addedvalue, which will pave the way for the later chapters.The cores of this paper are from chapter five to chapter eight, whose tasks are tosolve the key points and difficulties. Because of the large number of stakeholders, it isvery hard to arrange sharing the added value. Thus, the classification of stakeholdersis carried out.Firstly, the paper sorted and reclassified the capital elements that needed in theenterprise development from the perspective of stakeholders.Secondly, based on the different characteristics of the capital elements bydifferent stakeholders, the business are classified into single-governance enterprise,homogeneous enterprise and heterogeneous enterprises, and under each type ofbusiness they do a further classification.Finally, from chapter six to chapter eight, the business formation mechanism,share models and specific sharing arrangements of each type enterprise are discussed.The following conclusions can be mainly drawn through the research in thispaper:Firstly, the concept of enterprise stakeholders should be a broad, flexible concept.Different stakeholders from different enterprises have different influence on thedifferent enterprises, even for the same stakeholders from the same enterprise becauseof the different views and emphasis. Thus, the research on stakeholders should determine the core and major stakeholders for the different problem and differententerprise, but not define a uniform stakeholder’s concept for all problems.Secondly, sharing the added value of the enterprise for stakeholders is a dynamicand open process. All the stakeholders can decide whether to become the internalstakeholders of enterprise and share added value of enterprise by collective choice.The internal stakeholders can become the external stakeholders at any time accordingto the change of environment and the external stakeholders can also become theinternal stakeholders if they can.Thirdly, from the view of stakeholders providing element capital to the enterprise,the enterprise’s element capital includes physical capital, human capital andrelationship capital. Other element capital is the variant or derivative of these threeelements. All the element capital actually is contained in the three types of elements.Fourthly, in addition to shareholders, managers, employees, suppliers andcustomers are also can become the enterprise ownership alone in the enterprisegovernance. It breaks the situation which only shareholders can share the remainingof enterprise.Fifthly, because the element capital’s character provided by stakeholders isdifferent, the share patterns of stakeholders are different. For single-governanceenterprise, stakeholders can’t choose the fixed share pattern; for Physical Capitalenterprise and Human capital enterprise in homogeneous enterprise, shareholders arenot suitable for the fixed share pattern, while employees are not suitable for theremaining share pattern; for heterogeneous enterprise, because relationship capitalproviders can’t share the remaining income alone, for the physical-relationshipenterprise, physical capital providers are not suitable for the fixed share pattern; forphysical-human-relationship enterprise, human capital providers and Physical Capitalproviders cannot use the fixed share pattern.The main innovation lies in:Firstly, the topic is new. The stakeholders and enterprise value management arecombined to discuss the concrete pattern of how stakeholders can share the corporateadded values. Secondly, element capital that needed in enterprise’s survival and developmentneed elements is associated with its providers, types of the element capital aresummarized, and the enterprises are reclassified according to the different elementcapital that stakeholders hold.Thirdly, the one-by-one classification method is carried out to explore detailedshare arrangements of the added value for stakeholders from different typed enterpriseFourthly, share pattern and the general rule for stakeholders sharing added valuein different enterprise are summarized.