Study On The Mode Of Mutual Governance Of Stakeholders

The mode of mutual governance of stakeholders is a governance mode based on stakeholder-theory, it has broken the logic of stockholder superiority, and promote that enterprises should not only care about the interests of stockholders, but that of other stakeholders which might interact with enterprises. This is not only a contradict to the stockholder superiority which is based on the mainstream economic theory, but also a contradict to stockholder governance mode. Moreover, the success of Germany-Japan Mode and the adverse effects that are brought by the behavior of hostile M&A in America also challenge the traditional corporate governance mode. In this article, we make clear the theory basis of the mode of mutual governance of stakeholders, and bring about a new way to identify the role of stakeholders, that is, we use the asset specification dimension. This way can manifest the essential characteristic of stakeholders, and is closely relevant to corporate governance. According to this identification, we study the most suitable governance mode for stakeholders. We divide the governance mode into internal governance (through board of directors, supervisors) and public contracts, transactional contracts, and think internal governance is a costly governance mode. Based on this analysis, we try to establish a practical institutional frame based on the participation of all the stakeholders, in the last chapter, we study the practical use of this mode in the governance structure of enterprises in our country.