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一、引言产生于20世纪60年代的利益相关者理论,是对以股东价值最大化为目标的传统公司治理理论的颠覆。近年来,越来越多的学者对利益相关者理论进行了深入的研究,利益相关者治理理念日益普及,公司治理的目标逐渐转向利益相关者财富最大化,利益相关者理论开始成为公司治理的主流理论。然而对于利益相关者理论实际应用情况的研究并不多见。利益相关者理念在实际是否被真正地应用于公司的治理之中,公司经营的成果是否与利益相关者价值相关,是股东价值还是利益相关者价值影响企业的业绩?这些问题的解决有助于进一步指导利益相关者理论的完善。因此,我们研究利益相关者理论在实际公司治理的情况,为利益相关者理论研究提供实际经验,对利益相关者理论的进一步完善具有十分重要的意义。
I. INTRODUCTION The stakeholder theory, which originated in the 1960s, is a subversion of the traditional theory of corporate governance that maximizes shareholder value. In recent years, more and more scholars have conducted in-depth research on stakeholder theory, the concept of stakeholder governance has become increasingly widespread, the goal of corporate governance has gradually shifted to the maximization of the wealth of stakeholders, and the stakeholder theory has become a corporate governance Mainstream theory. However, the research on the practical application of stakeholder theory is rare. Whether stakeholder concepts are really applied to corporate governance, whether corporate outcomes are related to stakeholder value, shareholder value, or stakeholder value affect firm performance? Solutions to these issues can help To further guide the improvement of stakeholder theory. Therefore, we study the situation of the stakeholder theory in the actual corporate governance, provide practical experience for the stakeholder theory research, and have great significance to the further improvement of the theory of the stakeholders.