Financial Stakeholder- Approach to Implementation and External Analysis of Corporate Strategy : Methodical Realization of Enlightened Value Seeking

In a question of corporate objective function the opposition of shareholder and stakeholder model proceeds. Its solution will have fundamental importance for modern theory and practice of strategic management, corporate governance and finance. Michael Jensen has suggested to create the theory of 'enlightened' value maximization which would be based on the interests of many stakeholders. The initiation of 'enlightened' approach conceptually has linked these two models, but has not solved the main problem – a quantitative estimation of stakeholder interests balance. Among the most important and complex corporate problems, where a great number of contradictory and competitive stakeholder interests simultaneously collide, is working out and implementation of corporate strategy. Criterion of strategy realness (realizability, feasibility) consultants often call coordination and balance of key stakeholders (influence groups) interests, while insufficient attention to this question from leadership - one of principal causes of various strategic failures - unfulfilment of terms or not achievement of the key financial indicators declared to investors.Financial stakeholder-approach is developed in this article for formalization, modeling-methodical realizations of the 'enlightened' idea. It includes the analysis, estimation and mathematical balancing of economic and financial stakeholder interests, as a common base of interests is considered the financial model of corporate strategy. This approach also offers a technique of the quantitative estimation of interests balance/conflictness, which can be used in the investment analysis, risk-management and other areas. Financial stakeholder-approach can be considered as an alternative or addition to the Balanced Scorecard. Boards of directors, the divisions of management companies responsible for strategic and investment planning, and also various investment analysts, consulting firms, rating agencies are supposed to use the approach in practice. In theory the work can be useful for the further discussion and rapprochement of the shareholder and stakeholder approaches supporters