从契约的观点来看,企业是不同的利益相关者围绕权益的获取和保护所形成的契约网。而传统的股东价值理论认为,企业归股东所有。本文从股东价值理论赖以存在的“资本强权理论”入手,从理论基础上对股东价值论进行反思,并论证利益相关者价值理论的合法性。 From the contract point of view, the enterprise is a contractual network formed by different stakeholders around the acquisition and protection of rights and interests. The traditional theory of shareholder value that the company owned by shareholders. This article starts from the “capital power theory” that the shareholder value theory depends on, reflects on the shareholder value theory from the theoretical basis, and demonstrates the legitimacy of the stakeholder value theory.