The Establishment Of Shareholders' Values ​​and Shareholder Value

This article is attempted to discuss the problems about shareholder's value theory and the realization of shareholder's value. So shareholder's value means the ordinary shares' value owned by the shareholders. Shareholder's value become more and more important hi accompany with market economic system's being established day by day hi China. In one aspect, it is standard by which check enterprise's achievement. In the other aspect, it is important basis of shareholders' rights market. Even it is benefit with foundation of society indemnification system.Because more and more people and agency owned shares, realization of shareholder's value is addition of society's value. What shareholder's value theory emphasis is rational attention? It is benefit to solving of the state-owned enterprise's problem. This article is prepared to illustrate the idea from the following four parts:Part one discusses mainly the problems of the concept on shareholder's value. First, it explains the concept on shareholder's value from both the existence aspect and the realization aspect. From the existence aspect, shareholder's value is the fan-value of corporation retained assert. From the realization aspect, shareholder's value is the distributed dividend and the present value of shares' expectant price. Shareholder's value is a increasing important concept in the whole world, which is the significance of the research on it. Shareholder's value theory is the knowledge about a series of problems on the realization of shareholder's value from the aspects of corporation theory and the goal of financing. Its core theory is consisted with the rational attention on the shareholder's value, that is, managers and ordinary clerks, beside shareholders, should have the right to get into the distribution of retained profits. It is needed to point out that this distribution is used for prompting not holding the corporation.Part two discusses mainly the establishment of shareholder's value theory. Proprietorship of a corporation is the surplus claim right and the surplus control right. Both the school of neoclassic property right and the school of stakeholders' profits argue that it is the dominate strategy to put above two concepts together. Butthe point of this issue is who could be associated, stockholders or stakeholders? This article insists on the former. But it doesn't exclude other stakeholders besides the stockholders to get the corporation surplus with the precondition of not demolishing the status of stockholders.Part three discusses mainly the problems of the realization of shareholder's value. After all, the realization of stockholder's value comes from the investment with high yield. Although some corporations get the profits from the securities investment in the capital market but the investment which provides the goods and service directly, it does not change the source of stockholder's value. Capital market is only a manner for financing, not the where the value can be produced. So this part put the emphases on the analysis and the forecast of the investment, that is, the decision making of the investment.Part four discusses mainly the aspects of apocalypse about state owned corporation applying shareholder's value theory. The stockholder mentioned in the shareholder's value theory is natural person or the organization composed of many natural persons which have the obvious minds of chasing the profits, not the agent problems. But if the nation with its some specialties becomes the stockholder, its never conquered agent problems will be the fountain of a series of issues. This article provides an idea theoretically that the rights of state-owned shares transforms to the special creditor's rights, which can resolve the agent problems. Though it needs long and complex process for the transformation, it is significant to discuss the theoretical probability of this transformation.