公司治理理论的现代演变——从股东利益最大化到相关利益者理论

The Modern Evolution of Corporate Governance Theory——From Shareholder Benefit Maximization to Stakeholder Theory

全球的公司治理模式简要分为两类:股东模式和相关利益者模式。以最大化股东利益为目标的股东模式在董事会、大股东和公司控制权市场这些内部和外部治理机制上都存在明显的缺陷或失败。相关利益者理论的发展导致了公司治理理论的现代演变。相关利益者理论认为,公司治理从本质上说是各相关利益者之间制衡关系的有机整合,其目标是最大化整个公司的财富创造。相关利益者公司治理成为可替代股东模式的公司治理形式。

Corporate governance models in the world can be simply classified into two kinds： shareholder model and stakeholder model. The shareholder model, which aims at maximizing shareholders benefit has obvious flaw or failure in the inside and outside governance mechanisms of BOD, substantial shareholder and corporate control market. The development of the stakeholder theory brings about the modem evolution of corporate governance theory. Stakeholder theory holds the essence of corporate governance is the integration of the balancing relationships between stakeholders and its goal is the maximization of the value creation for the whole company. Stakeholder model for corporate governance becomes the feasible substitute for the shareholder model.