Research On Corporate Management Mechanism Based On Stakeholder Theory

Corporate Governance plays an important role in the corporate efficient operation and sustainable development. For a long time, the equity theory in classical economics has enlightened people to believe the stakeholder, as the investor of corporate, ought to possess the proprietary rights of the corporate, which mean the first and exclusive purpose of the corporate governance is to protect the interests of the stakeholder. Just like the words said by Friedman, the only one sort of social responsibility is to create values for the stockholder. In light of that, the profit of corporate becomes the sole standard to evaluate the corporate governance, which results in many problems from pursuing the profit and damaging others’interests.In the1960s, the stakeholder theory appeared, and leaded people to treat the issue of corporate governance in another view. With the improvement of specification and technique, the human capital offered by company staff weighs heavier in corporate value; The creditor has the close relationship with the state of corporate operation and their motivation to participate in the corporate governance becomes more intensive; with the enhancement of living quality request and consciousness of right, the customer and the community pay more attention to the protection of self-interests. Those interests related above are closely bound up to the corporate development. Therefore, the corporate should undertake certain social responsibility, and its governance mechanism could protect their interests.In current situation, the reform of market economic system of our country remains to be deepen further, and the legal system and governance mechanism of the corporate need to be improved. The economic connections among countries are more close gradually, the international competition is more intense, and the advantage of the interior company to participate in international competition is inadequate. In addition, the imperfect governance inner structure and the defective social responsibility are also the obstacles to the corporate development. To the comprehension of corporate governance mechanism, the theorists and the practice tend to lay particular stress on the inner governance but ignore the interests of stakeholders. For these reasons, this thesis aims to analyze the corporate governance based on the stakeholder theory to attract people’s attention to the stakeholders and then to improve the corporate governance of our country. This paper is divided into five parts. The first part is the knowledge of the origin of corporate governance issues and traditional model of corporate governance based on maximizing shareholder value; In the second part I describe the background of the development of stakeholder theory and defination of stakeholders. I discuss theoretical innovation of stakeholder theory and give useful references for modern corporate governance. I also analyze the relationship of current economic environment, corporate social responsibility and corporate governance based on stakeholders theory; In the third part I discuss practices of the relevant stakeholders participating in the corporate governance, describe the governance model of virtue Japan and other countries, and to do a comparative analysis, and that revelation of corporate governance in China. Fourth part focuses on the lack of attention of our existing corporate governance to stakeholders, which needs to be improved; Now more and more countries emphasize on stakeholder governance, as long as we recognize these shortcomings, we have an incentive to further improve the company governance, and then enhance the competitiveness of the company. At last I talk about principles we need to abide in corporate governance; Finally, I provide some constructive advices to our corporate governance mechanism. I hope to see the active participation of the stakeholders and the necessary systems in internal governance. Government should strengthen the improvement of external governance market, establish legal rights of stakeholders’participation in governance, and social responsibility legal system in the company’s internal governance.