Research On The Relationship Between The Distribution Strcture Of Stakeholders' Equity And Company Value

The traditional enterprise view "stockholders' equity above everything" have been questioned more and more in the management theory and practice due to its inherent paradox,but the theory of modern enterprise system would treat the enterprise as the carrier of the realization of all stakeholders rather than only the carrier of realizing the shareholders interests.In terms of the relationship between stakeholders and corporate performance,as a whole,it is still analyzing,in the stage of theory explanation,that the importance of Stakeholder Orientation and Corporate Social Responsibility to Corporate governance and corporate performance.The existing literature also mainly uses the subjective data(like Likert Scale)to describe the size of the empowerment of managers on different stakeholders.Therefore,the thesis embarks from the enterprise social responsibility angle similar to the moderate concentration of equity under the situation of unilateral governance of shareholders.The thesis also analyzes whether there exists a U type relationship between the moderate concentration of equity allocation and corporate performance in the stakeholder network to extend the moderate concentration of ownership theory to the moderate concentration of the distribution of the stakeholders' interests.On the basis of existing literature,the thesis divides the distribution structure of stakeholders' equity into three steps by using the financial index of the companies of Shanghai A shares,the Game Theory,The entropy method and the Shorrocks decomposition method.First,from the point of view of corporate social responsibility,it is deeply discussed why and how the empowerment of enterprise on different stakeholders(CRS)influence and function the companies' value.Second,it is further analyzed the decision weights of different stakeholders.Third,it is why and how the level of the concentration of the stakeholders' equity distribution influence and function the companies' value.This research finds the empowerment from enterprises to stakeholders has a significant impact on company value.Meanwhile moderate distribution of stakeholders' equity has the best impact on company value.Firstly,it has apparent influence on the company value that the CRS of enterprises to stakeholders,positive influence to stockholders,creditors and staffs,negative influence to customers and non-relation to government.Then there are differences that the empowerment on different stakeholders.In the priority of empowerment on stakeholders'decision-making,Shareholder' decision-making weighs first,then creditors,suppliers,staffs,customers and government.Finally,the distribution structure of stakeholders' equity has significant influence.There is an inverted-U-type relationship between the level of the concentration of stakeholders' equity and company value.In the company with moderate concentration,company value is bigger.Once the concentration is in high dispersion,it is quite easy to make "free ride"problem against the managers' management,and vice verse it is easy to breed plunder and dictatorship.Moreover,from the government,enterprises and society,the policy suggestions are put forward to meet the Interests of stakeholders.