Multi-stakeholder Governance Mechanism

Since Means and Berle brought forward the famous theory that the separation of the control rights and the ownership in the 《The Modern Corporation and Private Property》 in 20 centuries thirties, corporate governance has always been the focus of enterprise economics. According to the principle that risk matching to the income, the typical logic "shareholder primacy" thinks that only the shareholders should take the firm property. But, since 20 centuries thirties, accompanying with speedup of the economic globalization, intension of international competition and rapid development of science and technology, the system of the social economy focused on the firm is facing the leap and its basic signs are the rise of the organization characterred as information technology, knowledge share and network. As the value of those resources devoted to the enterprise shifting relatively, corporate governance is facing many new problems, such as the multi-parties of interest who devote resources demand participation of corporate governance and the firm property; conflict and harmonization of interest in co-governance; obstruction of efficiency in joint decision-making; project optimization; distribution of the co-interest, etc. So, the emphases of the dissertation are how to analyze the essence of these new contradictions and how to solve these problems. As the meanwhile, the deepening and the realization of its efficiency of the reform of Chinese state-owned enterprise governance actually in the final analysis lie in how to choose and construct the model of Chinese state-owned enterprise governance. So, the research on co-governance by the multi-parties of interest is desired to provide some practical suggestions on the innovation of the model of Chinese state-owned enterprise governance.Firstly, the enterprise is considered as a combo of a series of the incomplete contracts of the property rights according to the critical retrospect and logical deduce. Accompanying with the change of social circumstances and the value of those special assets devoted to the enterprise, the boundary of the firm ownership is adjusting, the firm contract main body transform to the governance main body. The comparison and analysis to multifarious modes of corporate governance manifests the innovative tendency that from sole governance to co-governance.According to the viewpoint that enterprise is considered as a combo of a series of the incomplete contracts of the property rights, the main bodies of the series of contracts should include governor, employee, shareholder, provider, client and community, etc. Following these, the multi-parties of interest are abstracted to rational economic person and we can find that there is conflict between them by the analysis of their behavior from many different aspects, such as, effective supervisory income and cost, system arrangement, social culture, etc. A mechanism of corporation substituting for conflict should be designed to harmonize and delete them because of the conflict existing in multi-parties of interest. The enterprise as an effective mechanism of fortune creation and distribution depend on corporation in multi-parties of interest more. The innovation of governance structure is the perpetual fortune creation by ceaseless modification to the...