单边治理与利益相关者共同治理是公司治理理论演进过程中的两个重要观点,从经济学与法学的视角来看,两者都具有其合理性与局限性。核心利益相关者治理理论是对上述两种观点的整合与修正,是公司治理理论的发展新趋势。中国公司治理实践的发展与完善应以核心利益相关者治理理论为指导,强化股东、管理者、员工以及主债权人等核心利益相关者的治理功能。 Unilateral governance and common governance of stakeholders are two important points in the evolution of corporate governance theory. From the perspective of economics and law, both have their own rationality and limitations. The core stakeholder governance theory is the integration and revision of the above two viewpoints. It is a new trend in the development of corporate governance theory. The development and improvement of corporate governance practices in China should be guided by core stakeholder governance theories and strengthen the governance functions of core stakeholders such as shareholders, managers, employees, and principal creditors.