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传统的“股东主权”治理关注的是股东利益保护,而公司财务治理主要关注股东和经营者的企业内部财权配置。随着利益相关者理论的发展,现代企业的利益相关者都应有平等机会,享有企业剩余索取权和剩余控制权,企业的财权配置应不仅是内部财权配置,还应扩展到包括外部利益相关者在内的外部财权配置,以及为保证利益相关者财权配置实现的相机治理机制。
The traditional governance of “shareholder sovereignty” focuses on the protection of shareholders’ interest while the corporate financial governance mainly focuses on the allocation of internal property rights of shareholders and managers. With the development of stakeholder theory, the stakeholders of modern enterprises should have equal opportunities, enjoy the residual claims and residual control of enterprises. The financial allocation of enterprises should not only be the internal allocation of property rights, but also extend to include external interests , Including the external financial property allocation, as well as the camera management mechanism to ensure the allocation of financial rights of stakeholders.