Abstract:The theory of stakeholder argued that the firm was the nexus of contracts of many stakeholders, and the evaluation of firm operational performance was a collective evaluation. We analyzed the evaluative paths and power distribution in the process of stakeholders’ performance evaluation. Then we argued that except formal governmental structure, informal governmental structure was an important evaluative path, and the three characters of stakeholders’ resource decided the power distribution of control and evaluation of firm operational performance, which included firm specific, nonreplicable, and tacit characters. At last, the future two important research directions were provided.