The Research On The Structure And Mechanism Of Stakeholder's Financial Governance

Since the sixties of twentieth century, stakeholder theory have been formed and developed gradually. At the beginning of the nineties of twentieth century, stakeholder theory began to challenge stockholder primacy theory. Foreign scholars mainly study stakeholder from the angle of management science, however domestic scholars directly introduce the concept of stakeholder into finance science field. The selection of the topic for this thesis makes a further study of stakeholder from the angle of financial governance, and it includes the research on the structure and mechanism of stakeholder's financial governance.This thesis, comprehensively using stakeholder theory, financial-rights flow theory, financial governance theory and management science and so on, taking stakeholder as the direction, taking financial-rights arrangement as a clue, beginning from the connotation of financial governance, by discussing the definition of stakeholder, the interest of stakeholder, the connotation of financial-rights and so on, interconnects stakeholder and financial governance closely and puts forward a system of financial governance of stakeholder which consists of the structure and mechanism of stakeholder's financial governance. This thesis tries to found a relatively integrated stakeholder's financial governance system, this thesis suggests that the structure of stakeholder's financial governance should have three aspects, including collective governance, contingent governance and dynamic governance, and the mechanism of stakeholder's financial governance should be composed of these sections: motivating mechanism, decision-making mechanism, controlling mechanism and evaluating mechanism.China is a socialistic country, it not only pays great attention to the creation of wealth by enterprises, but also cares the interest of social public, it pursues the rational unification of efficiency and justice, so stakeholder's financial governance has a great meaning to the reformation of corporate governance and corporate finance. We believe stakeholder's financial governance would become one of the directions of study and practice by scholars and enterprises of various countries.