The Study On Hydropower Development Enterprises Based On The Theory Of Co-governance Of Stakeholders

The theory of co-governance of stakeholders is suitable for the characteristic of the time. It reflects the contract properties of enterprises and the requirement of human resources' promotion of the position. The theory has important directive significance on govern structure of enterprises in our country. The paper, regards corporate governance as research object, studies the theories of co-governance of stakeholders and corporate governance, discusses the construction of co-governance of stakeholders mechanisms of hydropower development.Hydropower Development Enterprises are welfare and state-owned ones. As welfare ones, the characteristics of Hydropower Development Enterprises are the same as those of co-governance of stakeholders. It is suitable for Hydropower Development Enterprises to take the model of co-governance of stakeholders. So, co-governance of stakeholders' mechanism is Hydropower Development Enterprises' actual choice. On the other hand, looking through the process of perform of the stat-owned enterprises, researchers doubt 'shareholders supremacy' logic. And it is a trend, which 'stakeholders' logic takes place of'shareholders supremacy', of the researches. Our research about 'shareholders supremacy' logic of Hydropower Development Enterprises boarded also proves the judge. It reveals, in the process of reform, the situation arrangements come with share diversification have not obvious effects to achievements of Hydropower Development Enterprises. The case of 'MingXing Electrics' proves previous judge further.Therefore, in the process of further reform, we should pay more attention to the function of stakeholders than shareholders. If so, we could push the construction of the corporate governance, and finally achieve the principal goal of corporate achievements.Through the research of the theories of stakeholders and corporate governance, the paper definite the stakeholders of Hydropower Development Enterprises as: investors(shareholders), charge department of industry, creditors, managers, staffs, environmental protection department, immigration and residents.Further, we investigated the related issues, of which stakeholders participate in corporate governance in Hydropower Development Enterprises in our country. And we drew several conclusions: (1) types of governance structure, "Shareholders Supremacy" and Co-governance of Stakeholders, have no passive effect on Hydropower Development Enterprises; (2) from traditional corporate governance structures, "State Holding Supremacy", " Independent Directors" and "Independent Supervisors Board", have no obvious effect on corporate management; (3) stakeholders don't participate in corporate governance passively. Shareholders, staff and governance departments participate in corporate governance while resident, environmental protection department and creditors don't; (4) stakeholders' participation has not obvious effect on business net profit rate; (5) on the other hand, taking suggestions from stakeholders has obvious effect, and so, it is necessary to strength stakeholders' effects; (6) uniformed responsibility, power and interests from stakeholders; accurate works nature positioning; fully securing stakeholders' interests are successful experiences from " Nieji hydropower development".Based on previous analysis of the content, we draw final conclusion that the co-governance of stakeholders is an important direction of corporate governance in Hydropower Development Enterprises. On the other hand, for the specialist of industry of Hydropower Development Enterprises, the co-governance should be the integration of 'internal governance structure +external relevant supporting mechanisms'.To perfect the co-governance of stakeholders in Hydropower Development Enterprises, we should reform in five aspects. The first two aspects are the stakeholders' role mechanism in both board and supervisory committee. The third one is incentive and constraint mechanism of stakeholders. The incentive and constraint mechanism of operators is the fourth aspect. Finally, the staffs' participation of corporate governance mechanism is other aspect.Furthermore, we should reform other aspects to perfect the co-governance of stakeholders in Hydropower Development Enterprises. They are investment system of Hydropower Development, industrial management systems, governance mechanisms of creditors, the coordination mechanism between hydropower development and ecology development, and other necessary mechanisms such as immigration.