股东至上理论

自20世纪60年代以后，企业理论的研究领域中逐步分化出两大理论：股东至上理论和利益相关者理论。

Research field in theory of the firm has developed into two main branches gradually since 1960s : shareholder primacy theory vs. stakeholder theory .

经过20世纪80年代激烈争论后，在企业所有权配置问题上，股东至上理论和利益相关者理论已从企业理论研究领域逐步分化成两大对立理论。

After the scholars holding different opinions debated impetuously in 1980s , on the distribution of right of the firm , reach filed in theory of the firm has developed into two main branches gradually : shareholder primacy theory vs. stakeholder theory .

经理层的构建在于建立对经济层有效的激励与约束机制。公司治理结构有三种理论可供选择：股东至上理论；

The framework of managers should be based on the establishment of the effective motivation and restraint mechanics .

基于资本治理理论的企业所有权安排&股东至上理论与利益相关者理论的逻辑统一

Arrangement of Enterprise Ownership Based on Theory of Capital Governance & Logical Integration of Shareholder Uppermost Theory and Stakeholder Theory

同时进一步从根源上分析了股东至上理论与利益相关者理论的总体差异。

At the same time it further analyzes overall difference of the shareholder supreme theory and the stakeholder theory from the root .

本文首先介绍了现代企业理论对理财目标的影响，分别介绍了股东至上理论和利益相关者理论，着重回顾了利益相关者理论。

This article first introduces that the modern enterprise theory how to influence the financial objective , introduces the shareholder theory and the stakeholder theory separately , and reviews the stakeholder theory emphatically .