Value creation is an important source of competitive advantage of enterprises.Previous strategic management studies follow the principle of shareholder first,equate value creation with returns to shareholders,and strive to maximize shareholders’ interests.In recent years,this view is increasingly challenged by stakeholder theory.On the basis of stakeholder theory,the value of a company is created together by many stakeholders.Only by balancing the value capture among stakeholders can an enterprise transform its competitive advantage into its own profit.Therefore,it is of theoretical and practical significance to study enterprise value creation and value creation and capture of stakeholders.CATL is a new energy vehicle power battery manufacturer with dual competitive strength at home and abroad.This paper in recent years the rise of stakeholder value creation and capture model(VCA)model,this is a way to measure the weight of many stakeholders of research methods,using the CATL of accounting information and other data,try to research the company’s shareholders,employees,suppliers and customers and other stakeholders of value creation and value capture problem,indicating the industrial policy in which produced what kind of role,The main conclusions are as follows:First,shareholders have more advantages in value capture than employees,but the ups and downs are large.The reason is that the stock price has soared due to the capital boom in the market,and the creditor’s debt relationship has changed greatly.However,the employee stock ownership plan is still implemented under the full protection of shareholders’ interests,and shareholders will capture higher value.Employees as the source of innovation of the company should be brought into focus,combined with the interests of shareholders,the company and employees,promote the long-term development of the enterprise together;Second,the dominant position of the company in the supply chain leads to the lowest level of value capture of suppliers among several stakeholders.The reason is that by providing technical support to its upstream suppliers,the company supports the development of suppliers and improves the degree of competition between suppliers,which makes the negotiation power of suppliers lower but improves the negotiation power of CATL in supply chain management and cost control.Third,government subsidies will play a positive role in the increase of profits in the face of poor operating conditions,but they cannot be promoted for a long time.The subsidy policy of new energy vehicles has been reduced year by year,and tilted from the production level to the market end.OEMs transfer part of the cost pressure to the power battery and other component enterprises on the value chain.This indirect industrial policy can have a decisive impact on power battery enterprises,and then affect the income.The company should adjust its development strategy according to industrial policy and market demand and actively respond to the environment of subsidy decline.The research results of this paper are helpful to rationally distribute the interests of all stakeholders in CATL,improve enterprise value creation,enhance core competitiveness,promote sustainable development and maximize enterprise value.At the same time,according to the change of industrial policy and its own characteristics,coordination and consideration of the interests of all parties,to achieve win-win. |