Research on Stakeholders and Corporate Governance Legal Systems

Author: Liu Dan
Publisher:
Publish Date: 2005-08-19
Features: This paper aims to construct a theoretical framework for stakeholder participation in corporate governance based on the stakeholder theory, proposing a basic model of stakeholder participation in corporate governance—co-governance. The reason why corporate governance has attracted widespread attention from both domestic and international academia and practice is that since the 1980s, the global economic landscape has changed, with the information age and the transformation of the knowledge economy based on network technology, leading to changes in the status and role of various stakeholders who constitute the company. The role of human capital has been elevated, and the conflict between the owners of material capital and human capital has become increasingly evident, becoming an unavoidable issue.
Around the world, the increasing emphasis on stakeholder interests is becoming more common. Many domestic experts and scholars have studied the topic of corporate governance, but some areas remain untouched, and there are still many misconceptions. For example, there is insufficient understanding of the significance of stakeholder participation in corporate governance. The "Code of Corporate Governance for Listed Companies" in China, as the current normative document for corporate governance in China, although it pays some attention to stakeholder issues, still lacks adequate provisions for stakeholder participation in corporate governance. It is necessary to consider the interests of stakeholders when exploring the theoretical framework of corporate governance and design a co-governance system where stakeholders jointly participate.
Since the 1960s, with the exposure of the flaws of traditional Anglo-American corporate governance models and the growing emphasis on corporate social responsibility, the role of stakeholders in corporate governance has been increasingly recognized, and stakeholder theory has become an important component of corporate governance theory. Studying it will have extremely important theoretical and practical significance and value for constructing a corporate governance model suitable for China. The purpose of this study is to break through traditional insider and outsider models, explore new models of stakeholder participation in corporate governance, and, based on China's corporate governance practices, build a co-governance mechanism involving stakeholders to propose legislative recommendations for improving China's corporate governance.