The Research On Financial Governance Based On Stakeholders

With the setting-up of modern enterprise institution and the change of Chinese enterprise finance, more and more people realize that the successful operation depends on not only the scientific managements that make capital show the value during the movement, but also the effective governance structure that allocates the right of the capital movement, that the realizing value of the capital movement needs the effective right arrangement. The combination of the value with the right during the capital movement in finance is the objective trend of the enterprise finance development. It reflects that the enterprise finance needs corporate governance. Obviously, the appearance of financial governance is to innovate corporate governance and develop modern enterprise finance.The thesis beginning with financiers' opinion, financial governance is a series of institution arrangements that the shareholders, the operators, the stuff, the creditors, the customers, the suppliers and the government allocate financial rights effectively and the rights match the obligation and the income.The thesis studies financial governance based on the stakeholders, is mainly about Chinese listed companies. Based on the theory of property rights, the theory of financial rights, the theory of the principal-agent, the theory of the stakeholders and the theory of corporate governance, it explicates the basic theory of financial governance based on the stakeholders. The allocation of financial rights is the essence of financial governance. The entity of financial governance includes the shareholders, the operators, the stuff, the creditors, the customers, the suppliers and the government. Financial rights are the object of financial governance. The objective of financial governance is the maximization of the stakeholders' equity. The financial governance structure includes internal financial governance, external financial governance and financial encourage restraint.It tells us how to allocate financial rights among the stakeholders. It includes the specific financial rights that each stakeholder has. It also tells us how to incentive and constraint the independent director, the operators, the stuff and the debts. At last, we choose Hua Lin Limited Company to analyze financial governance of listed companies and tell some suggestion to improve financial governance.