Research On Value Capture Relationship Between BLT’s Shareholders And Employees

It is the basic premise of management theory to equate corporate profit maximization with shareholder value maximization,and it is also an important consensus in management practice.However,this premise and consensus are being challenged by the theory of stakeholders.The theory emphasizes the indispensable and important role of stakeholders such as customers,employees,and suppliers other than shareholders.Therefore,how to create real long-term value for enterprises by competing for internal and external stakeholders is gradually replacing the theoretical perspective of shareholder first,and the value capture of stakeholders has become a prominent issue affecting the value creation of enterprises and thus gaining competitive advantages.Taking the shareholders and employees of BLT as the research objects,this paper,based on the accounting statements and other financial data of BLT in recent years,and using the newly emerged Value creation-capture model(VCA)based on cooperative game theory,focusing on the problem of value capture between BLT’s shareholders and employees.The following conclusions are drawn:First of all,as an emerging technology company,and as an important stakeholder of BLT,technology employees have been in a stable state of value capture.One of the big reasons for this is that BLT’s tech employees have some core technologies that BLT can’t easily replace.In the long term,as the company’s core technologies continue to be breached,tech employees are likely to gain more value.Secondly,the value capture of shareholders is greatly affected by the total value creation of the company.When the company suffers from the impact of external environment changes,BLT chooses to reduce the value capture of shareholders to cope with such impact.BLT’s goal is to create a bigger pie so that each relevant stakeholder group can obtain more benefits,rather than to maximize the benefits of one or several stakeholder groups through redistribution based on the existing pie.Thirdly,the value capture of BLT’s employees has always been in a healthy elastic state,which indicates that any additional income of employees is accompanied by the increase of shareholder value capture.Instead of seizing the value of shareholders,employees will create value for shareholders.Therefore,the relationship between shareholders and employees is not simple competition,but should get more benefits from cooperative competition.Finally,the degree of customer concentration is decreasing year by year,while the degree of supplier concentration has been maintained at a high degree.Customers share benefits and losses with BLT’s shareholders and employees,while suppliers compete with the company’s shareholders and employees.If BLT fails to break into some core technologies in the future,suppliers are likely to capture more value.The research results of this paper reveal the value capture relationship between BLT’s shareholders,employees,customers and suppliers,especially between shareholders and employees,which has certain reference significance for BLT to better manage its stakeholder relationship,improve the company’s value creation level and obtain sustainable competitive advantages.