The Corporate Governance Study On The Basis Of The Stake-holder Theory

The corporation governance is a national and international problem,because it encompasses the solution for the agency problem after ownershipand the decision rights have been separated. In the traditionalcorporation governance, the mode 'capital employing labor' is proved tobe the most efficient. As the labor is becoming more and more importantin the corporation, the other labor capitals, eg. managers and employees,are getting more and more attention in the corporation governance, whichactually enrichs the form of the corporation governance——from theunilateral governance to bilateral governance, and then trilateralgovernance, lastly stake-holder together governance. These four types notonly indicate the developing trend of the enterprise evolving and thesystem vicissitude, but also coexist in the modern society.With the developing of economy, the evident trend of the corporationgovernance is the stake-holders governance. From the practical experienceof the most countries, the typical unilateral American corporation haveless and less competition since the 1960s, and people nolonger haveconfidence in this traditional mode. On the other hand, Japan and Germany,which pay more attention on the stake-holders, grow up rapidly. Thoughit is hard to say whether the American corporation governance is the keyreason, it impels the people to rethink the rationality of this system.Then, the American also reconstructs the governance institution in thelight of stake-holder theory.To us this theory to instruct corporation governance, the mostimportant thing is to characterize the stake-holders. This paper classesthe stake-holders into four groups, namely the core stake-holders, thefirst grade stake-holders, the second grade stake-holders and thepotential stake-holders, on the basis of the special capital they contribute to the corporation and the risk they assume. Different gradesof stake-holders exert different supervising rights according to theirdifferent correlation to the corporation, vice versa. This also have somemeaning on the state-owned corporation governance. This paper considersthat at the moment period, China can absorb the successful experience toperfect the inside and outside governance condition. It is important toinspirit every stake-holders and let the state-owned corporationemployees exert their master supervising role. But this paper does notadvocate the state-owed corporation to seek the boundary adjustment inthe intrinsic mode, but to endogenesis in the market mechanism. Tomaximize the interest of the stake-holders provide a good base point forthe enterprise ultimately goal.