Research On The Relationship Between Value Creation And Value Appropriation Of Enterprise Stakeholders

Value creation is the fundamental source of competitive advantage.Only through the appropriation of value among stakeholders such as shareholders,suppliers,customers,competitors and creditors can enterprises turn their competitive advantages into their own profits.According to the stakeholder theory,the enterprise is only a member of many stakeholders.In addition to the enterprise itself,other stakeholders will participate in the appropriation of the value created by the enterprise.Therefore,studying the relationship between the value creation of enterprises and the value appropriated by various stakeholders has important theoretical and practical significance for improving the value appropriation of enterprises and thus improving the profit level of enterprises.Compared with the existing stakeholder theory,the VCA(Value Creation-Appropriation)model based on cooperative game theory in recent years provides a quantitative method to study the value creation and value appropriation relationship of various stakeholders.Gree Electric Appliances is a world-famous listed manufacturing enterprise in China.This paper focuses on the value creation of Gree Electric's customers,shareholders and employees in the past five years from the perspective of customers,employees and shareholders,based on Gree's financial data.And its value appropriation,the study found: First,although Gree has created a lot of value in the past five years,the value of its shareholders is not always the highest among shareholders,customers,and consumers.Value appropriation has volatility;second,employees are the mainstay of enterprise value creation,but the value of employees' appropriation accounts for a lower proportion of value creation;third,thanks to fierce industrial competition and the decline of air-conditioning prices,the value of customers Steady improvement;Fourth,in many cases,customers and shareholders earn revenue at the expense of employees' interests.Gree Electric over-emphasizes the maximization of shareholders' interests and lacks the necessary mechanisms to safeguard employees' interests.It is the necessary condition for the company to achieve long-term success when the stakeholders jointly obtain the value created by the company.When the interests of the stakeholders are properly allocated and satisfied,the environment that is more conducive to the long-term sustainable development of the enterprise can be established and the enterprise can be realized.Maximize value and increase the goal of shareholders' wealth.Therefore,Gree Electric Appliances should strengthen the cultivation of core competitiveness and long-term competitive advantage,improve the value creation of enterprises,and at the same time take into account the interests of all parties,find the optimal equilibrium point,and achieve multi-win.