The Research Of The Stakeholder Monitoring Mechanism On Financial Disclosure

Research field in theory of the firm has developed into two main branches gradually since 1960s:shareholder primacy theory vs.stakeholder theory.With the developing of economy,the evident trend of the corporation governance is the stake-holders governance. From the practical experience of the mast countries, the typical unilateral American corporation have less and less competition since the 1960s, and people nolonger have confidence 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 key reason, 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.Corporate governance and financial disclosure are closely linked because financial disclosure is one of the decisive factors of corporate governance, and the disclosure system determines the success or failure of corporate governance. And on the financial disclosure, the question is not whether or not to disclose, but the disclosure of the scope and quantity, the quality of information and the disclosure of the time. If only emphasize the disclosure of information in the corporate governance structure and neglect of a financial supervisory mechanism, these questions would be difficult to satisfactorily resolved. Thus, the monitoring mechanism of financial disclosure based on the stakeholder theory is the key to transformation of the corporate governance structure.This article uses the standardized research-based methodology, and also referrs to the research results of corporate governance, institutional economics and other fields to do some classification and quantitative analysis about the stakeholders structure and to study accounting practices of the various stakeholders. In addition, using the literature analysis and induction method to aggregate the lack of monitoring mechanisms of the financial disclosure,and proposes new method for stakeholders classification.As the supervision of financial disclosure based on the commission - acting Theory is inadequate, the article will use stakeholder theory in the research of financial disclosure regulation. Fist, the article refersto the Balanced Scorecard model to establish a set indicator system for assessing the importance of the stakeholders, and defines the key stakeholders in the supervision of financial disclosure. Redrawing the type of business according to the different types of constitute of the key stakeholders to reflect the essence of corporate governance. Then according to the different types of enterprises and in conjunction with stakeholders theory to design the monitoring mechanism of financial disclosure, pointing out it changes as the structure of stakeholders changes, which clearly reveals the dynamic and diversity of the monitoring mechanism of financial disclosure . The construction of the monitoring mechanism of financial disclosure matching to the structure of stakeholders not only can make the monitoring of financial disclosure perfect in theory,but also can provide guidance for enterprises to set up monitoring mechanism of financial disclosure based on stakeholders theory in practice.