Research on the Stakeholder Model in Chinese Corporate Governance: Normative Foundations and Empirical Landscape

China’s corporate governance reform is currently at a critical transitional stage, with the introduction of Stakeholder Theory providing a clear direction for reform. Article 20 of the 2023 Company Law of China introduced the term “stakeholders” for the first time, initially establishing a framework for stakeholder protection and reflecting the Chinese legislators’ active efforts to balance shareholder interests and social responsibility. However, the definition of this concept in Chinese corporate law differs from Stakeholder Theory and the UK’s enlightened shareholder value (ESV) model, and some provisions remain contradictory or lack implementation details. Judicial bodies have shown varying understandings of the theory when handling cases involving stakeholders, lacking unified standards and clear judicial guidance. In business practice, Stakeholder Theory has shown positive development potential in the information disclosure reports of representative companies in China, with considerable room for further growth.