“股东至上”与“资本市场民主”质疑——利益相关者理论在我国公司治理中的应用

An Oppugnation on "Share-holder first" and "Democracy of Capital Market"——Application of Theory of Stakeholder to Company Management in China

公司治理结构是一系列制度安排,传统的公司治理目标大多是遵循“股东至上”保护资本的神圣权利这样的历史逻辑。而在现代经济条件下,上述逻辑的弊端随着现代公司社会性的逐步增强而日渐显现出来,特别是随着公司其他利益相关者地位的上升,公司利益相关者共同治理模式将逐渐成为一种趋势。我国企业在创新公司治理结构时,应当逐步树立公司治理的社会价值观,协调公司各利益相关者的利益,提高公司治理效率。

A traditional company often aims at ＂Shareholder first＂ and protecting modern economy, the disadvantage of traditional logic gradually revealed, particularly, status for other stakeholder in company, Co-management with stakeholder will dominate. Company＇s management structure, our company should interests of all stakeholder and improve management effic establish a set of social values, coordinate the iency.