Study On Legal Issue Of Corporate Audit Committee Participated By Stakeholders

In corporate governance, special managers as an "economic person" in market may destroy the trust of shareholders based on the self-interest opportunism thought, which produces agency cost. Then after the separation of ownership and control, to decrease the cost, and defend the shareholders' interests, audit committee automatically becomes an essential strength to control and balance the executive authority. However, with the development of science and technology and the appearance of stakeholders' theory, human is becoming more and more important in corporations, which challenges the shareholders-base theory. So, corporation has been recognized as a unity of some economic relationships formed by stakeholders, such as shareholders, employees and costumers, not a tool used by shareholders to serve their maximized interests any more. Therefore, the corporate management and improvement particularly rely on the cooperation and coordination among each stakeholder. Though shareholders invested some material capital in corporation, other stakeholders also put all kinds of capital into it. At the same time, shares fluidity makes shareholders risk less corporate management while employees and debt holders have to face more. Then corporation is being a tie of shareholders, employees and debt holders, whose defensive mechanism is audit committee. So, audit committee participated by stakeholders can makes its monitoring function better to maximize the interests of all corporate stakeholders.Weakness of auditor monitoring function in our country reduce executives to abuse management authority worst, and they always pay good attention to their self-interests, not stakeholders', discharge social responsibility, which impedes the corporate development and social coordination. To change this situation, it is necessary to convert the conventional ideas and let stakeholders participate audit committee in order to improve vitality and efficiency of monitoring system, and to defect the interests of all stakeholders as well. This thesis discusses the system of corporate audit committee participated by stakeholders into four parts:The first part is the summary of theories related to corporate audit committee. Then the author analyzes the function and characteristic of corporate audit committee based on the relative theories, e.g. separation of ownership and control, agency cost, separation and balance among authorities, and stakeholders theory as well.The second part mainly introduces the evolution of audit committee from "shareholders autonomy" to "stakeholders participating", analyzes the audit committee system under "shareholders autonomy" in ancient corporations and their shortages in modern corporate governance, and systematically discusses the concept definition of stakeholders and the possibility and necessity of stakeholders participating in corporate audit committee mechanism.The third part is the comparison of foreign corporate audit systems participated by stakeholders. The author separately does research on corporate governance models of Anglo-American, Germany and Japanese in vertical, analyzes the recent conditions and causes of their auditing system about stakeholders participating, and then makes a comparison of them literally. Finally the author draws a conclusion that stakeholders participating scheme is the tendency allover the world, which will surely give inspiration to the perfection of our audit committee.The last but not least part is the suggestion to perfect our audit committee system participated by stakeholders. The author analyzes the problems of our audit committee and devises the participating approach of medium-little shareholders, employees, and debt holders based on our country' conditions and foreign experiences, also brings out some concrete suggestions on the constitutions, function and authority, encouragement and restrain of corporate audit committee system.From the above discussion, this thesis' aim is to disclose the fact that stakeholders participating audit committee is beneficial not only to the improvement of corporate monitoring efficiency and function, but to the balance and realization of all stakeholders' interests.