企业是一个由利益相关者构成的关系网络(Wicks&Gilbert&Freeman,1994),价值是在利益相关者组成的网络中创造出来的,因此,对利益相关者进行管理理应成为企业价值管理的重要内容。然而,从当前价值管理的相关理论中,仍缺乏将利益相关者和价值管理结合起来的系统研究,更缺乏利益相关者视角的企业价值管理机理阐释和模式设计。本文以利益相关者集体选择企业理论为基础,尝试从利益相关者视角对企业价值的关键驱动因素及其影响机理进行分析,以期为企 A business is a network of stakeholders (Wicks & Gilbert & Freeman, 1994). Value is created in a network of stakeholder groups. Therefore, management of stakeholders should be an important part of business value management. However, from the current theory of value management, there is still a lack of systematic research on the combination of stakeholders and value management, and the lack of explanation and model design of the enterprise value management mechanism from the perspective of stakeholders. Based on the theory of collective choice of stakeholders, this article attempts to analyze the key drivers of firm value and its impact mechanism from the perspective of stakeholders,