Normative Stakeholder Theory (NST)
Pay attention to how enterprises should treat stakeholders, and discuss legitimacy, responsibility and the basis for coordination of different interest demands.
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Explore research directionsWISERUNION / RESEARCH & KNOWLEDGE Ideas · Institutions · Practice
01 / Research direction
Start research from two questions.
Why do companies need to respond to the interests of multiple parties? How can joint investment become capital that can be used continuously?
Stakeholder Capital Theory
Pay attention to the conditions for joint investment to form resources, capabilities and cooperative relationships, as well as the maintenance, return and governance of these accumulations.
Expand research introduction
Common requirements for research
The concept is clear · The basis can be checked · The boundaries are clear · Accept the test of practice
02 / Paper / PAPERS
Papers and working papers
Includes all 5 Chinese papers on yutengfei.com, read the full text or PDF on this site, and retain the author, source, version and original manuscript download.
Public manuscripts and working papers are marked separately; public reading does not mean official publication. The original descriptions of the research design, hypotheses to be tested, and unconducted experiments in the working paper remain unchanged.
Public manuscript · V1.0
From shareholder primacy to stakeholder company Chinese source
The shareholder supremacy theory understands the company as a connection of private contracts and advocates maximizing shareholder wealth as the core goal; this article proposes a stakeholder corporate governance framework that adapts to the contemporary economy in the context of intelligent, financial and global restructuring.
Wei Tengfei · 2026-09-18
Read the complete PDF ↗ Chinese sourceWorking paper · Unlabeled version of the original site
Research on the impact of inter-temporal conflicts of interest on stakeholders’ willingness to continue cooperation Chinese source
Joint improvement often requires suppliers to advance tooling, testing and on-site costs before sharing cost reductions or order benefits in the future. Delayed returns increase waiting and exposure, which may weaken the willingness to continue cooperation; therefore, purchasers tend to exchange compensation promises for current investments. Williamson has long pointed out that specialized investments require credible commitments to support transactions;[1] research on reciprocity and relationship networks shows that long-term cooperation can organize knowledge sharing. [2][3] The gap is whether the degree to which the promise is verifiable and enforceable can mitigate the negative effects of delay when the return amount is comparable to the risk profile, and whether the supplier's liquidity constraints can override this mitigation.
Andrew David W.Y. · Grok (xAI) · 2026-09
Read the full paper ↗ Chinese sourceWorking paper · Unlabeled version of the original site
Research on the impact mechanism of stakeholder fairness perception on voluntary contribution behavior Chinese source
The continued growth of an enterprise relies on employees and teams to continue to invest in knowledge, collaboration, innovation and relationship maintenance beyond their responsibilities. Existing research on organizational justice has shown that a sense of fairness can promote organizational citizenship behavior, but most studies still understand employees as being managed within the organization, and less often explain from the perspective of participants in cooperation programs why people are still willing to continue to make voluntary contributions that are difficult to measure immediately after they have received current rewards. This article connects Phillips' stakeholder fairness principle with the literature on organizational justice, social exchange and organizational trust, and proposes the influencing mechanism of "stakeholder fairness perception-trust-voluntary contribution behavior".
Andrew David W.Y. · Grok (xAI) · 2026-09
Read the full paper ↗ Chinese sourceWorking paper · Unlabeled version of the original site
Research on the process mechanism of transforming stakeholder feedback into corporate strategic actions Chinese source
Growing manufacturing companies often do not lack feedback channels. Employees can report the same product quality defects through team, quality inspection and internal systems, and customers can report the same defects through complaints, returns, reviews and after-sales records. As a result, companies accumulate a wealth of opinions, but often cannot identify which one changed standards, budgets, or interdepartmental processes. The voice and issue selling literature has explained why people speak up and how middle managers put issues on the agenda;[1][2] the quality management literature describes how complaints are classified and handled. The gap lies in: how the status of evidence, organizational translation, agenda authority and resource commitment are connected or broken when the same quality issue comes from internal and external sources, and why the number of channels cannot guarantee transformation.
Andrew David W.Y. · Grok (xAI) · 2026-09
Read the full paper ↗ Chinese sourceWorking paper · Unlabeled version of the original site
Research on value distribution mechanism under the mismatch between stakeholder power and strategic contribution Chinese source
Joint improvement projects often produce two types of facts at the same time: one party has stronger bargaining power, exit threat or rule veto ability; the other party actually completes a larger part of the technology, cost reduction or collaborative contribution. When the ranking of power is inconsistent with the ranking of realized strategic contributions, incremental benefits tend to be distributed by power rather than by contribution. Existing stakeholder research has compared the effects of power and strategic importance on value distribution and found that strategic importance is sometimes a better predictor of distribution than power. [1] Supply chain experiments show that fairness concerns prevent the extraction of surplus exclusively by power. [2] These findings are important but do not yet address whether verifiable contribution records and independent review procedures can change allocation choices when a mismatch has occurred.
Andrew David W.Y. · Grok (xAI) · 2026-09
Read the full paper ↗ Chinese source03 / WISERUNION Think Tank
Find the knowledge entry you need.
has accessed 32 original Chinese articles, covering ideas, models, methods, training, tools and solutions. The list and full text can be read on this site.
32 think tank articles · Original Chinese text
Public relations thinking: Think clearly about people and things first Chinese source
When doing public relations, first find out what the other party cares about, and then determine where the two parties can connect. By looking at needs, pain points, resistance points and interests separately, and then understanding what is wanted, needed, and necessary, many issues in cooperation will be easier to explain clearly.
Wei Tengfei · Andrew David W.Y. Read the complete text → Chinese source
After a transaction, what else is left for the company? Chinese source
Do we understand our customers’ needs better? Is the cooperation between suppliers and teams smoother? Can the problems encountered this time be avoided next time? If another person is in charge, can he use the experience left behind?
Andrew David W.Y. Read the complete text → Chinese source
How to formulate annual work arrangements for communication with investors after listing? Chinese source
After completing the listing, the company still has to do business, manage cash, and promote projects every day. At the same time, corresponding governance and reporting work must continue to be completed so that investors can understand where the company is currently.
Andrew David W.Y. Read the complete text → Chinese source
Blockchain, assets and governance: six-module training with one picture Chinese source
Follow the six paths of principles and data, assets and markets, mining and protocols, applications and governance, products and scenarios, operations and disclosures to understand how digital technology carries asset records, stakeholder collaboration and reviewable governance.
Andrew David W.Y. Read the complete text → Chinese source
Blockchain project operation advanced map: from panoramic cognition to project practice Chinese source
Use a complete map to connect the blockchain overview, currency circle, mining circle, chain circle, application and operational growth; along the economy, top-level planning and token model, practice organizing the project elements into a discussable whole.
Andrew David W.Y. Read the complete text → Chinese source
How to achieve unified expression and continuous updating of enterprise content system? Chinese source
The company introduction has been made, the official website is online, PPT, brochures, and videos are also available. Looking back after a while, I found that the business scope written in several places was different, the cooperation conditions had been adjusted, and old documents were still being forwarded. Someone asked which version could be used, and everyone started looking for documents and asking the person in charge.
Andrew David W.Y. Read the complete text → Chinese source
Let business, evaluation and incentives form a checkable cycle Chinese source
Starting from a real business, it connects data verification, contribution evaluation, budget sources, authorization confirmation and settlement payment. Through a fictitious refund example, it explains how to review the basis of the amount, handle the discrepancy, and retain the rules and recorded correction path.
Andrew David W.Y. Read the complete text → Chinese source
One sentence to a page of pictures: an exercise to explain a business clearly Chinese source
A business can sort out a lot of information. The introduction, plan, process, and advantages can all be discussed for a while individually. But if you ask a person who is in contact with you for the first time to tell me, who do you help and what do you do, he may still not be able to answer.
Andrew David W.Y. Read the complete text → Chinese source
The whole cycle of listing and capital operation: from path selection to continued operation Chinese source
Where will funds be used? Is the business ready? Who will handle ongoing governance and disclosure? How will existing shareholders' rights change? Without clear answers, even a schedule cannot reliably show progress.
Andrew David W.Y. Read the complete text → Chinese source
How can a project schedule advance through clear conditions? Chinese source
Put target dates, prerequisites, evidence of delivery, and verification responsibilities into the same schedule. Distinguish three types of dates, sort out dependencies and parallel work, and deal with obstructions along the three paths of certificate replenishment, change and suspension, so that every advancement and scheduling adjustment has a basis.
Andrew David W.Y. Read the complete text → Chinese source
Contribution evaluation tabletop exercise: How do several roles view the same thing? Chinese source
After one thing is done, the business says that I negotiated with the customer, and the delivery says that without me handing over the things, the previous promises will not be fulfilled. The supply partner said there was a temporary problem and I was the one who connected the resources. People who do process improvement also feel that after this batch is completed, the remaining methods will continue to work in the future.
Andrew David W.Y. Read the complete text → Chinese source
Contribution record and review form: Provide a basis for evaluation and allow objections to be raised Chinese source
When a job is completed, many people participate. Some bring opportunities, some solve problems, and some continue to finish. When it comes to evaluation, if all that is left is "who has contributed the most", the discussion can easily turn into each other's own opinions.
Andrew David W.Y. Read the complete text → Chinese source
How to evaluate the contribution? Put six dimensions into one picture Chinese source
What basis are needed for role, contribution, time, responsibility, risk and strategic value? See different inputs clearly along six dimensions, and then form an interpretable evaluation through fact checking, objection handling and review. Attached is a fictitious delivery scenario, two machine diagrams and a blank recording sample form.
Andrew David W.Y. Read the complete text → Chinese source
How does corporate culture enter into daily business choices? Chinese source
How do mission, vision and values enter into a specific business decision-making? Starting from the hypothetical situation of delivery commitment and quality verification, it connects the cultural basis, factual conditions, responsibility resources, evaluation and review, and uses two machine diagrams and a checklist to explain how culture enters daily work.
Andrew David W.Y. Read the complete text → Chinese source
Before calculating the allocation, first clearly explain “what is calculated” Chinese source
In the same sentence, "calculated at 20%" can refer to 20% of the current transaction amount, 20% of a certain income, or 20% of a budget that has been set aside. The results obtained by these algorithms may be very different.
Andrew David W.Y. Read the complete text → Chinese source
External content review form: Let only one set of current calibers be retained for the same fact Chinese source
The introduction has been changed, but the web page has not. The Chinese has been changed, but the English is still the same. A sentence was deleted from the text, and the sentence on the poster was reposted. Many content problems arise from these areas that are not connected to each other.
Andrew David W.Y. Read the complete text → Chinese source
Traditional, simple, easy, diagram: thinking methods of business logic design Chinese source
For complex business issues, first sort them out completely, then refine the structure, verify the logic, and finally draw them into diagrams. This is the process of "organizing the complex into the complex, simplifying the complex into simplicity, simplifying the complex into simplicity, and transforming the simple into pictures".
Andrew David W.Y. Read the complete text → Chinese source
Four ecological governance models: contribution, rights and collaboration closed loop Chinese source
Starting from the four relationships of resources, customers, operations and management, and capital, it explains what evidence should be left for contribution, what are the conditions for rights and interests, who has the right to make decisions, and how operational feedback enters governance.
Andrew David W.Y. Read the complete text → Chinese source
How to put the source and purpose of funds into the same table? Chinese source
In the capital table, the most easily misunderstood thing is the total number. How much is listed in the budget, how much is planned to be raised, how much the other party says they are willing to invest, and how much is received in the account. Once these things are written in the same column, the project will appear to be profitable.
Andrew David W.Y. Read the complete text → Chinese source
How do industrial operations and capital arrangements support each other? Chinese source
Starting from operational issues, check resource gaps, funding conditions, implementation governance and operational results. Along the two mechanism diagrams, understand how capital supports specific operations and how operational evidence enters the next round of resource arrangements.
Andrew David W.Y. Read the complete text → Chinese source
After the meeting, how to turn the consensus into an action sheet? Chinese source
Turn meeting discussions into executable arrangements: distinguish between decisions and pending decisions, write down goals, delivery, division of labor, time, dependencies and acceptance; continue to advance along task execution, blocking processing, results verification and review. Attached are two mechanical diagrams and a downloadable action sheet template.
Andrew David W.Y. Read the complete text → Chinese source
Industrial digital platform, how to build and accept it in stages? Chinese source
After finishing the list, we still need to continue to answer: which problem should be solved first in the first period, who can really use it, how to complete a business, who to contact if something went wrong, and what judgment was used in the end to make it happen.
Andrew David W.Y. Read the complete text → Chinese source
Project Evidence Ledger: Find the Source Behind Every Conclusion Chinese source
As a project advances, documents accumulate: proposals, contracts, spreadsheets and chat records. Yet when someone asks where a number came from, how far a task has progressed or which file proves it, the search often starts again.
Andrew David W.Y. Read the complete text → Chinese source
Use a fictional project to practice drawing subjects, assets, funds and equity Chinese source
Get a project introduction, which usually has everything in it. Who takes the lead, who operates, what equipment is available, how much money is prepared to invest, and what results can be shared by partners.
Andrew David W.Y. Read the complete text → Chinese source
See a project clearly: the four chains of subject, assets, funds and equity Chinese source
Expand the entities, assets, funds and equity respectively, and then cross-check with evidence. Through a fictional equipment project, it explains how to identify relationships, discover breakpoints, assign verification tasks, and form working judgments with clear scope and updateable scope.
Andrew David W.Y. Read the complete text → Chinese source
Four things I check first in a collection of project materials Chinese source
Sort out the scattered project materials around the four questions of subject, assets, funds and equity. Through scope registration, cross-checking, batch supplementation and acceptance, the statements in the materials, existing evidence and matters to be verified are separated to form working judgments that can be handed over and continuously updated.
Andrew David W.Y. Read the complete text → Chinese source
7S model: From seven dimensions, see why companies can’t do it Chinese source
Starting from strategy, structure, system, style, people, capabilities and shared values, look for key inconsistencies in the organization, and use facts to form verifiable judgments and actions.
Andrew David W.Y. Read the complete text → Chinese source
Business logic and implementation methods of stakeholder co-creation and sharing Chinese source
Starting from real operations and long-term accumulation, understand how different participants create value, identify contributions and match equity. Collaboration along roles, governance authorization, digital systems and capital reinvestment form a discussable and executable cooperation method.
Andrew David W.Y. Read the complete text → Chinese source
Multi-party collaboration mechanism, how to start from a small-scale pilot? Chinese source
When talking about multi-party collaboration, everyone can usually point to a common direction. Serve customers together, organize supply together, improve operations together, and then share the results as agreed.
Andrew David W.Y. Read the complete text → Chinese source
Stakeholder ecological digital governance model: four major ecologies, six value systems and three-tier structure Chinese source
Look at resource collaboration, customer management, organizational governance and capital arrangements together, and understand how all parties can continue to cooperate along the lines of value creation, realization, distribution and reinvestment.
Andrew David W.Y. Read the complete text → Chinese source
From strategy to vision: six layers of relationships, how to convey the same meaning? Chinese source
Connect the strategic intent, audience tasks, value proposition, content structure, visual rules and usage scenarios, and use two mechanism diagrams, a fictional example and a design judgment record sheet to check the basis and revision path for each expression.
Andrew David W.Y. Read the complete text → Chinese source
Value is created by everyone, who should decide the distribution? Chinese source
There are always many people’s input behind the achievements of an enterprise. Some people provide money, some do research and development, some find customers, some deliver the products, and some are always dealing with things that are less obvious but cannot be done by others.
Andrew David W.Y. Read the complete text → Chinese source
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04 / Standard customization
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Connect think tanks and papers to practical issues
Starting from the normative stakeholder theory and stakeholder capital theory, the scientific research center discusses multi-party investment, long-term accumulation, equity basis and governance arrangements. Think tanks and papers provide complete discussions, sources and versions, and specific implementation requires system and business design.
Reading & Selection Guidance Maintain the academic status of public manuscripts and working papers; public reading does not mean formal publication.