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1、利益相关者财务论财务范畴的新探索（Stakeholder Finance a new exploration of financial category）The academic circles on the financial category view is mainly based on the different financial subject, elaborates financial theory, from the different financial level but another view is that decentralization, partition, m
2、ulti-level financial theory is a kind of unrealistic and hard to implement financial theory. How to understand the financial theory under the condition of modern market economy, the key lies in the point of view, such as the nature of the firm from the perspective of financial problems, will get a n
3、ew financial category - financial stakeholders.The essence of enterprise contract: collection of stakeholdersThe fundamental problem is the reasonable arrangement of financial property rights, optimize the allocation of production factors, so as to realize the rational allocation and efficient use o
4、f elements and property interests of justice. The property rights arrangement is a basic problem in corporate governance, and the essence of corporate governance structure is the arrangement of enterprise ownership contract or contract system, enterprise ownership arrangement directly touch the esse
5、nce of enterprise. Therefore, the research on financial problems must first understand the nature of the enterprise.Kos in his famous paper the nature of enterprise proposed the enterprise is marked as the substitute of price mechanism. The contract, the factors of production for a certain remunerat
6、ion agreed within certain limits by the command of entrepreneurs. The essence of the contract is that it limits the scope of rights of entrepreneurs. Only in a limited range, he can command and other factors of production. The enterprise is the owners of essential factors of production in order to o
7、btain certain economic benefits between contract aggregates is formed based on the common economic interests on new economic interests, and to the owners of production factors.Owners of production factors including non human capital owners and human capital owners. The human capital owner managers,
8、employees, non human capital owners including only investment in physical capital and financial capital investment shareholders creditors. The nature of capital is the pursuit of value, however, the nature of capital but is the external performance of rational economic man to pursue their own econom
9、ic interests. The traditional view of capital appreciation is only limited to the non human capital, but ignore the non personification of the human capital. For the non human capital, personality is the soul of it, there is no non human capital personality, is a lack of body, no vitality of the cap
10、ital, so the capital of nature can not be reflected. So, the capital market economy is to achieve elements of the combination of hub. Capital is a factor of production starting, it has important function to obtain the various factors of production and adhesive.In the form of common economic interest
11、s on the basis of the main economic interests of enterprises, the inevitable conflict between the internal economic interests. According to the modern enterprise theory, enterprise organization is essentially Collaborative Group production, represents a group of contracts, through the contractual re
12、lationship between the enterprise owners of different elements of cooperation, cooperation in any organization and coordination group, as long as there are different economic interests, inevitably there is a conflict of interest. People always want to make creative economic activities from their own
13、 purpose (Marx, however, different economic interests in the pursuit of their own economic interests in the process are affected by other economic interests of the main constraints, can not indefinitely extended to any other economic interests and infringe the interests of the subject, or the contra
14、ct agreement; the terms will be destroyed, the enterprise will from the new combination, signed a new contract, thus forming a new economic interests.How to avoid the unreasonable termination of contract, the main effect of most economic interests, the need for a corporate governance structure. Corp
15、orate governance is a set of internal enterprise connect and regulate the different subjects of rights between power and interests; institutional arrangement of responsibility relations, aims to solve their problems of incentive and supervision, risk allocation between different rights of all. Reaso
16、nable arrangement between the right of the contract shows that there is an interest among the subjects of rights; related interest is in a business interest or share,Interest is a right of request, since that is due or the rights of the requirements, but this requirement is the result of restricting the rights between the subjects of each other. The subject of rights based on certain common economic interests, but there are also some conflict of inte
