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股东价值取向一直为诸多国家,尤其英美法系国家的公司法才采用。这一价值取向因专注公司利润,投股东所好而大行其道。随社会的不断发展,股东价值因其过于注重短期利润,忽略长远利益等诟病不已,利益相关者的价值导向因而产生,提倡公司不应只注重股东的利益,而应考虑其他利益相关者作出相应决策,然其弊端在于公司目标过于分散而可能导致公司利润的提高。英国2006年的公司法试图扭转传统的股东价值取向,同时又克服利益相关者价值的弊端,开辟新径,提出与二者迥异的第三条道路:开明的股东价值取向。但这一新的价值取向因无救济途径而徒具其形,本质上仍是股东首要价值取向。
The value orientation of shareholders has always been adopted by corporate lawyers in many countries, especially Anglo-American law countries. This value orientation is so popular because of its focus on corporate profits and its shareholders. With the continuous development of the society, shareholder value has been criticized for its over-emphasis on short-term profits and neglect of long-term interests. Therefore, the value orientation of stakeholders emerges. It is suggested that companies should not only focus on the interests of shareholders, but also consider other stakeholders Decision-making, but the downside is that the company’s goals are too fragmented and may lead to corporate profits. The 2006 UK Company Law tries to reverse the traditional value orientation of shareholders and at the same time overcomes the disadvantages of the value of stakeholders, opens up new paths and puts forward the third path which is very different from the two: enlightened shareholder value orientation. However, this new value orientation has its own shape due to the non-relief approach and is still essentially the primary value orientation of shareholders.