A Framework of Stakeholder Structure and Corporate Value Creation
- 2016年第9卷 
【中文摘要】利益相关者理论从最初的战略观点不断演进，现已经成为当前管理学文献中的热点议题；利益相关者管理也已经被越来越多的市场导向的组织采纳，因此实践对理论指导的需求也更显迫切。但利益相关者理论的发展尚不成熟，利益相关者的定义、分类对实践的指导能力都略显薄弱。本文认为，这一现实主要源于两个方面：在利益相关者界定中企业边界模糊；利益相关者分类中忽略了治理机制。因此，本文首先在利益相关者界定中厘清企业实体，其次根据治理机制的不同划分利益相关者层次，最后在利益相关者层次模型分析的基础上阐述企业价值创造机制。本文进一步丰富利益相关者理论，同时提升理论对实践的指导作用。 【Abstract】Stakeholder theory has evolved from an originally strategic perspective to a currently hot issue in management literature. It has been adopted by more and more market-oriented organizations and there is an urgent need to update the theory for its practical applications. Because the stakeholder theory is far from mature, the definition and categorization of stakeholders can only offer limited guidance for practice. It is believed that there are two reasons for these limitations：the blurred boundary of a company when defining stakeholders and the neglect of governance mechanism when categorizing them. This paper firstly distinguishes the entity of a firm from its stakeholders, and then categorizes the hierarchy of its stakeholders based on governance mechanism. Finally, we elaborate the valuation creation mechanism for a firm to account for the needs of its stakeholders after analyzing the framework advanced in the paper. In sum, this article enriches the stakeholder theory and further enhances the capability of such theory to guide the practice.