Cooperative Logic Of Stakeholders

According to the requirement of internationalizing developing strategy, enterprise should not only give consideration to the interest of stockholder, but also the interests of all other stakeholders. The business value is created by all stakeholders. And the maximization of business value equals to the maximization of the interests of all stakeholders. Therefore, all stakeholders must cooperate effectively to increase the business value.The first section analyses the cooperative logic of stakeholders in the theory. Firstly in the enterprise theory, from the evolving theory of enterprise to relation contract theory, it can be clearly deduced that the enterprise is the contract aggregate net, it claims its stakeholders share the ownership of enterprise equally and independently. Secondly by the comparing of the governance structures of enterprise, the cooperative structure of stakeholders is bound to be chosen.The second section, on the basis of the analysis of the rights and interests of key stakeholders, points out the realizing mechanism ofstakeholders' interests and cooperation in three aspects. Firstly, enterprise should establish a cooperative and competetivse strategy for stakeholders. Secondly, the governance structure in which all stakeholders can interact and protect themselves should be set up. Thirdly, finance policy ensures the realization of governance structure, at the same time, embodys the interests and cooperation of stakeholders .The third section studys the problems in our SOES (state-owned enterprises) and presents some advices for SOES reform. Firstly, SOES employ the cooperative strategy mainly with the government. Secondly, in the current structure of SOES, the state equity and other stakeholders' equities cannot be protected and efficiency is very bad. If stakeholder structure is used, all these problems may be solved. Thirdly, these problems may be solved by right finance policy.