Stakeholders' Preference To Company Performance

The stakeholder theory is a challenge to the shareholder conciliarism and now has achieved great progress both in theoretic and empirical research. It is believed that stakeholders are important to a company's management. But we haven't studied stakeholders'claim systemically. The thesis studies the preference of stakeholders to company performance systemically based on the performance evaluation. We can see the stakeholders'claim from the performance aspect.The thesis uses the traditional category and classifies the stakeholders as shareholders,creditors,employees,government,customers,suppliers,community and competitors. The thesis first studies the stakeholders'asset specificity. All the stakeholders have invested special assets which will change under certain conditions. Stakeholders will take part in the company's performance evaluation to guarantee and improve assets value. So the problem why stakeholders pay attention to the company performance is solved. Then I study the stakeholders'objectives which are the specific claims of assets value and solve the problem that which aspect stakeholders really care. At last I analyze the performance preference from their aspect. And solve the problem of the specific performance index they prefer. There are three characteristics of their preference. First their preference is relative with the asset specificity. The more specific the asset involved is, the more stakeholders will evaluate. Second their preference is relative with the company governance. Perfect company governance can create fair governance environment and avoid stakeholders'speculation. For example the holding company and the manager will steal other stakeholders'interests if the company governance is defective. Third, the claims come from simple to deep base on the maintenance and increase of the asset value. For example...