利益相关者理论的提出股东本位理论造成了很大的冲击。可是,对于什么是利益相关者,却没有统一的认识,特别是在破产程序中,哪些是利益相关者呢?其中最为重要的劳动债权是否具有优先性?其优先性的正当性是什么?对这些问题的不同回答,导致了在实践中操作上的巨大差异。本文试图对此作一些探讨并据此探索公司利益相关者在破产程序中的保护问题。 Stakeholder theory put forward the shareholder-based theory has caused a great impact. However, what are the stakeholders, but there is no uniform understanding, especially in bankruptcy proceedings, which are the stakeholders? Which of the most important labor claims have priority? What is the legitimacy of the priority? The different answers to these questions led to huge operational differences in practice. This article attempts to explore some of this and explore the protection of corporate stakeholders in insolvency proceedings.