China's Listed Companies Co-governance Model

The traditional object of corporate governance is maximizing stock holders benefit. But with the development of stakeholder theory and the transformation of economy circumstances , the kind of corporate governance aim has displayed defect increasingly.The stakeholder theory point out that the corporate not only belong to the stoke holders. The other stake holders also contribute resources in corporate and undertake risk, without the stake holders participation, the corporate can't carry on. So, the aim of corporate governance not only pursue the stoke holder's benefit, but also should take care of stake holder's benefit.Although the stakeholder theory developed very quickly, and has expounded the frame for stake holders participate corporate governance. But there has improve space .The article from the origin of corporate governance, combine with the modern theory and corporate governance practice and the case of Enron Corporate, demonstrate the defect of maximizing stock holders benefit's corporate governance object and the necessity of stake holders participate corporate governance. And from this viewpoint demonstrate the demarcate method of stake holders and the basic mechanism of stake holders participate corporate governance. Then analyse the profound problem of Chinese corporate governance, point out the key problem is the model of Chinese corporate governance not adapt to the list corporate and the Chinese situation. Then demonstrate the necessity andfeasibility of stake holders participate corporate governance, and expound the suggestion for improve Chinese corporate governance level.