利益相关者治理模式的理论与现实分析

随着传统的"股东至上"的公司治理模式的内在缺陷越来越突出以及人力资本作用的加强和地位的上升,现代公司治理模式越来越偏离"股东至上"的逻辑,而越来越青睐于利益相关者理论。利益相关者理论认为股东并不是公司唯一的所有者,债权人、管理者、雇员等利益相关者都拥有公司的剩余索取权和控制权,公司的经营目标应该是利益相者利益最大化而并非股东财富最大化。论文对利益相关者理论进行探讨,提出其相应的公司治理模式,并据此模式对现实进行了分析。

Theoretical and Practical Analysis on Administration Mode of Persons with Interrelated Interests

With the inner shortcomings of the traditional companys administration mode in " the highest honor of shareholder" becomes more apparent, and the functions of human power capital are strengthened and raised in position, modern companys administration mode deviate the logic of " the highest honor of shareholder" more and more. Instead, they gradually favor in the theory of the persons with interrelated interests. This theory reckons that the shareholders are not the only owners of the company, the creditors,the operators and the employees etc, who are the persons correlated with the interests, all have the rest right of asking for and controlling in the company. The business aim of the company should be the highest interests of the persons with interrelated interests, not the greatest treasure of the shareholders. The paper makes a discussion on the persons with interrelated interests, brings forward the corresponding companys administration mode, and analyses the reality with this mode.