Introduction 介绍
Businesses across the globe are accountable to different stakeholders who influence the way they operate and function in their respective industries. Research and studies that have been conducted in the past indicate that businesses in the 21st century no longer focus on their customers alone but also on different stakeholders who play a critical role in defining their success (Maignan, Ferrell & Ferrell 2005). In other words, businesses have a responsibility to satisfy the needs of both customers as well as the needs of the stakeholders who have expressed their interest in the business in questions in different ways. Importantly, the influence of stakeholders on the operations of the businesses varies greatly. As such, the responsibility of the business as far as satisfying their need is concerned varies greatly depending on the level of influence of each stakeholder. From the perspective of the stakeholder power/interest matrix, stakeholders can be grouped into four categories depending on their level of interest and the power they hold in the business (Appendix 1) (Gregory 2007). Gregory (2007) emphasise that business either inform, involve, partner or consult stakeholders depending on the position that each hold with regard to power and influence on the business in question. Despite the high level of influence emanating from different stakeholders in businesses, there is a need to observe that shareholders are perceived as the most important stakeholders in businesses. Some researchers and scholars reiterate that businesses should focus mainly on satisfying the needs of their shareholders since they are the core stakeholders (Kaler 2003). To scholars such as Lynch (2012), shareholders can be very demanding. Speaking from this perspective, this paper draws on different theories to explore the element that shareholders are the most important stakeholder in any business.
全球各地的企业都要向不同的利益相关者负责，这些利益相关者影响着企业在各自行业的运营和运作方式。过去进行的研究表明，21世纪的企业不再只关注其客户，而是关注在决定其成功方面发挥关键作用的不同利益相关者（Maignan，Ferrell&Ferrell，2005）。换句话说，企业有责任满足客户的需求以及利益相关者的需求，利益相关者以不同的方式表达了对企业的兴趣。重要的是，利益相关者对企业运营的影响差异很大。因此，企业在满足其需求方面的责任因各利益相关者的影响程度而大不相同。从利益相关者权力/利益矩阵的角度来看，根据利益相关者的利益水平及其在业务中的权力，利益相关者可分为四类（附录1）（Gregory 2007）。Gregory（2007）强调，根据各利益相关者对相关业务的权力和影响所持的立场，业务部门可以通知、参与、合作或咨询利益相关者。尽管企业中的不同利益相关者产生了高度的影响力，但仍有必要观察到，股东被视为企业中最重要的利益相关者。一些研究人员和学者重申，企业应主要关注满足其股东的需求，因为他们是核心利益相关者（Kaler 2003）。对于林奇（2012）等学者来说，股东可能要求很高。从这个角度出发，本文运用不同的理论来探讨股东是任何企业中最重要的利益相关者这一要素。
Shareholders as stakeholders 股东作为利益相关者
To begin with, past research and study findings have treated shareholders and stakeholders as two different entities in businesses. In particular, whenever shareholders are mentioned, it is perceived that their sole interest is to maximise profits considering the fact that they play a critical role in meeting the financial and capital needs of businesses. According to Zhang (2011), shareholders usually take the risk to invest businesses and as a result, they have the right to demand the management of the businesses they have invested in to create value for them through maximisation of profits. The treatment of shareholders as separate entities from stakeholders is further promoted by the shareholder theory. In reference to Zhang (2011), the shareholder theory reiterates that the interest of the business is the best interest of the shareholders. To support Zhang’s position, Smith (2003) argues that businesses have one and only social responsibility — to effectively utilise the resources and engage in activities that enhances their profits as long as such activities do not violate laws and regulations in the industry in which they operate. Thus, there is a strong emphasis on the aspect that shareholders’ interest in businesses is to get high returns on their investments.
首先，过去的研究结果将股东和利益相关者视为企业中的两个不同实体。特别是，每当提及股东时，人们都认为，考虑到他们在满足企业的财务和资本需求方面发挥着关键作用，他们的利益是实现利润更大化。根据Zhang（2011），股东通常承担投资业务的风险，因此，他们有权要求管理他们所投资的业务，通过利润更大化为他们创造价值。股东理论进一步促进了将股东视为独立于利益相关者的实体。关于Zhang（2011），股东理论重申，企业的利益是股东的更大利益。为了支持张的立场，Smith（2003）认为，企业有一个也是的社会责任——有效利用资源并从事提高利润的活动，只要这些活动不违反其经营所在行业的法律法规。因此，股东在企业中的利益是从他们的投资中获得高回报这一方面受到了强烈的重视。