| Added value is the all added value created by the enterprise, and its big or small reflects the realefficiency of resource allocation, and also reflects the total value of contribution for the society, andthe enterprise combining the factors of production. Compared with the traditional profit index, theadded value can reflect comprehensively enterprise’s contribution for the society. In addition, in thefirst distribution areas of added value of our country enterprise, it appears that Capital allocation toomuch while the employees’ income is on the low side, This is not conducive to social stability andsustainable development. Thus, it has important significance for enterprise’s added value research ifwe comprehensive and in-depth explore the added value production, distribution, their mutualrelationship, and the basic theory behind the problems.Scholars have studied this problem from different view Angle, using different methods based onthe theory of traditional enterprise, Distribution of classical and new classical theory study the valuedistribution from value of the components, that is, starting from the source value. Along with thesocial economic environment change and the change of enterprise organization model, the problemsas information asymmetry caused by the principal-agent relationship become one of the importantissues which influence enterprise development and the efficient allocation of resources. At this time,the research of distribution of added value is focusing on solving asymmetric information problemsbecause of the principal-agent issue, produced a new perspective of research on added valuedistribution by the new institutional economics. But the traditional distribution theory can notsolve very well the problem of the reality of today when enterprise stakeholders influence toenterprise’s survival and development is growing stronger day by day and enterprise competition isintensifying. The stakeholder theory, which origins to the1960s and rises in the1980s, provides auseful perspective for solving the problem of distribution field of today. Scholars have made a seriesof research results based on traditional enterprise theory and combined with the stakeholder theory.But it is still unclear about defining the subject and object of distribution and allocation principlesbecause of lacking of reasonable enterprise theory support.Given this, in this paper, we research focusing on the enterprise theory of stakeholder collectivechoice, the border of enterprise ownership and management, corporate governance characteristicsand corporate goals, and defining the subject and object of distribution and the allocation principles,based dominating on the stakeholder theory and the collective choice theory—The theory is apowerful tool to analysis group’s interest and the collective action. Enterprise is actually a contractconnecting of stakeholder collective choice seeing from the perspective of stakeholder, possessingthe nature of the collective choice. At the same time, for some allocation principles using econometric models to empirical research. Paper’s main work and innovations are as follows:1. Puts forward the enterprise theory of stakeholder collective choice. The paper puts forwardthe enterprise theory of stakeholder collective choice that its administrative power is in the nature ofdynamic adjustment, based primarily on stakeholder theory and collective choice, and combiningwith the two basic constraints of collective action. Based on the theory, the paper made the followingimportant normative theoretical study: First, the enterprise ownership and management of boundaryare clearly defined. The paper defines the enterprise ownership and management of boundary, andalso discusses the dynamic evolution rule of the enterprise ownership and management of boundary.Second, the paper puts forward the added value maximization goal of enterprise, its constraintcondition, and characteristics of value creation of enterprise——It is very important for enterprise tostimulate the people who sign the relational contract, to stimulate knowledge creation in order tocreate more added value. At the same time, the paper infers logically the goal of enterprisemanagement——added value maximization and its constraints. Third, the paper defines thestakeholders who take part in sharing the enterprise’s added value. Based on the enterprise theory ofstakeholder collective choice structured in this paper, and combining LAN. R. Macneil’s contractview, the paper differentiates and defines the stakeholders who participate to share the added value,and also study the discrepancy of sharing the added value of stakeholders. All the work provides themost basic theory foreshadowing for studying allocation principle and tenet of added value.2. The paper puts forward the allocation principle and tenet of enterprise added value. Based onnature of value creation of enterprise theory of stakeholder collective choice, and combining andexpanding LAN. R. Macneil’s theory of the contract nature, the paper discusses the basic principle ofadded value distribution of enterprise——it is the characteristic of sharing the added value ofenterprise of stakeholder which is determined by the stakeholders’ nature of contract of enterprise. Inthe end, the paper further puts forward the four basic principle of added value distributionaccordance with the allocation principle of enterprise added value.3. The paper has carried on the empirical research on the enterprise goal and allocationprinciple proposed by the paper. Making use of the data of listed companies in our country proposedin CSMAR, the paper has carried on the empirical research on the enterprise goal and allocationprinciple proposed by the paper. First, the paper systematic studies present situation of distributionstructure of enterprise added value of our listed company and its determiner, and also studies stresson current distribution status of employee’s compensation and it’s characteristic. Seeing from theresults of statistical analysis, the government and shareholders share is relatively high while theemployee’s income share is relatively low in the primary distribution areas of added value of ourcountry. Research also find that the main un-competitive market factors which influence the current allocation of added value distribution are areas, ownership, industry and so on. Second, the papergives an empirical test on distribution. The empirical finding:(ⅰ) It is more conductive to produceadded value of enterprise if stakeholder interests were meet reasonably by enterprise, whichillustrates that its goal is consistent between enterprise theory of stakeholder collective choice andadded value maximization goal of enterprise.(ⅱ) It is made more for creating added value ifemployee, who sign relational contract with enterprise, receive elastic income relative to pure raisepay regardless of the enterprise performance, which manifests that the incentive effect of is moreobvious in formula.The final result of empirical research shows that enterprise theory of stakeholder collectivechoice, added value maximization goal of enterprise, to meet the allocation mechanism and incentivemechanism of stakeholders have internal consistency. |
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