The Reflection Under The Predicament

The stakeholder theory is currently one of the hot subjects in such field as enterprise theory, management, accounting and finance. The conception that the whole stakeholders of the enterprise take part in governance rather than that of the sole stockholders to maximum their own interests is more fair and reasonable. However as a new being, the concept itself and its application have been questioned and doubted by many researchers. We will endeavor to make a breakthrough with the help of the accepted theories of finance, economics and management, in hope of adding something to the stakeholder theory.The thesis is divided into seven chapters. It starts to define the common objective of the conception, in hope of breaking the so-called "objective predicament", which means the objective is too vague to be feasible. As to questions like "who are the stakeholders? And who is more related to the enterprise?", the thesis tries to conclude a formula to mensurate the relativities of the stakeholders to the enterprise, hoping to end "the predicament of stakeholders definition". Regarding to criticisms like "the conception is at the cost of efficiency", the thesis analyses the imperfection of the present framework of this theory, and tries to search for new mechanisms to ensure the efficiency of the domination authorities from the prospective of both the domination authorities itself and the principle that the residual return should match the domination authorities, aiming to end "the efficiency predicament". From the mechanism that watching for a chance to govern according to the revenue variation, the thesis arrives at the allocation of the financial rights among stakeholders. From the matching of domination authorities and the residual return, the thesis arrives at the allocation of the whole returns among stakeholders. The actual governance structure formed naturally to the stakeholders' characters doesn't conform to the types the enterprise belongs to at present time. So the thesis suggests that reclassifying the whole enterprises into some new types according to the essence of governance, which is efficient to get to the objective of the enterprise's governance. With the convergence of corporate governance models in globalization, the thesis concludes that it is the research methods rather than the pure research results that is converging globalization. The last chapter concludes the main points of the thesis and points out some shortcomings.