Research On Interest Requirement And Interest Adopt Of Core Stakeholders Of A Firm

After the scholars holding different opinions debated impetuously in 1980s, on the distribution of right of the firm, reach filed in theory of the firm has developed into two main branches gradually: shareholder primacy theory vs. stakeholder theory. Shareholder primacy theory is mainstream of modern theory of the firm; the phenomenon is very palpable in Chinese academe. But stakeholder theory has been understood in western firm. Study on coordinate the stakeholders'interests in corporate governance structure is an important academic field in contemporary theory of the firm. The dissertation researches the realization of stakeholders'interests and in Chinese resource firm and the implication in corporate governance. Based on various definition of stakeholder given by western scholars and Chinese scholars, the dissertation proposes that core stakeholders are those individuals and groups, who can influence directly achieving the goal of the firm, and take part in the action of the firm, and have many firm-specific investments and bear many risks, without them, the firm can't keep existing and developing. In Chinese present context, the core stakeholders contain the shareholders, managers and employees. Classify the stakeholders of Chinese resource enterprises through using Multi-dimension Classification and Mitchell Scoring Approach. In this dissertation, ten stakeholders of Chinese enterprises can be sorted into 3 categories: core stakeholders, stakeholders and stakeholders from 3 dimensions (power, legitimacy, urgency) through interviews, experts'survey approach, questionnaire-investigations and statistical analysis. The core stakeholders include shareholders, managers and employees. The expect stakeholders include government sectors, creditors, and consumers. The hidden stakeholders include special interest groups, communities, suppliers and distributors. The interests requirement of core stakeholders, the realization patterns and extents of these interests are studied based on investigation data, and the statistical sort results of core stakeholders interests are also given through using descriptive statistics,compare means, paired-samples T test. Moreover, a detailed study on the interests of low managers in Zijin is conducted in particular. The conclusion of these studies is that the core stakeholders'interests and their realization extents in any firm are complicated and different. There exist X effective and dynamically of phonology contract among the realization interest requirement of core stakeholders because loss interest of the relation of agency, rational select and inert region of individual core stakeholder, extent of play chess of individual core stakeholder, unperfected labor contract, There exist conflicts among the core stakeholders'interests in a firm, and corporate governance of stakeholder theory based on procedural justice can be understood as a coordination mechanism of conflicts of stakeholders'interests. There is no one omnipotent corporate governance model in the world. It is necessary to select a corporate governance model which is adaptable to Chinese political, economical, historical, cultural and legal environment . The research on stakeholder issues of enterprises needs to be further. More researches should be centralized on interest requirement of core stakeholders, the realization patterns and extents of these interests, and the application of principles of coordinate in the future.