Value-Based Corporate Governance——the Comparison between the Value of Shareholders and the Value of stakeholders

Corporate governance is a concept of different angles and levels.Seen from the angles of value creating and realizing,the core of value-based corporate governance is financial governance.This paper researches the two main corporate governance models based on the value of shareholders and the value of stakeholders.The authors think the two kinds of models are based on the theory and practice,and the divergence origins from the difference of basic ideas,concepts and category.Aiming at the practice of our state-owned enterprises reform,we need the mature market for corporate control,managers and right legal system if corporate governance model of based on the value of shareholders is entirely adopted in China.Because the exterior corporate governance mechanism in China is not well,the governance model based on the value of stakeholders should be considered properly in the forming of corporate governance.The function of the stakeholders' co-governance and contingent governance should be exerted fully.