Research Of Financial Right Allocation

Financial management system research is a hot issue. Company financial right as the focus of the interests of all parties, its allocation is of great significance. Financial right as a modern financial companies core concept, plays a fundamental role in financial theory. Allocation of financial right is the core of corporate financial governance. Based on the theory of modern corporations and modern financial theory, this article researched the allocation of corporate property right issues from the stakeholder theory perspective. Its basic components include the following:Financial right is a property right with similar areas, for a performance of the main financial owned by the dominant right, including the right to return, investment, finance and so on. Financial right allocation refers to the allocation of right on the basis of ownership of the company under different conditions of financial control and financial benefits to the benefit of all stakeholders in the arrangement. Modern management of the company's financial allocation targets are: shareholders, banks, the operator (board of directors, managers), the government and employees. Financial right and the allocation of performance for the following features: dispersion, state of interdependence, the system level, symmetry and asymmetry. Financial right allocation of factors including: the size of companies and organizations, enterprises which stage of the life cycle, faced the operating state, the effectiveness of incentive mechanism, the external environment.Financial right allocation of the general principle are: Legitimacy, right must be incompatible separation, and benefits of integrating between the right of effective checks and balances, giving priority to efficiency while giving consideration to fairness,claims and control symmetrical arrangement.China's current economic system is in the midst of the transition period, the reform of state-owned enterprises deepening of the many companies facing financial governance, main features: right distribution companies to the largest shareholder of excessive tilt, the right of creditors to share financial right and not paying enough attention, board not in the financial management play an important role in the company and financial authority in the allocation of inferior status.To address the above situation, the following responses: a clear definition of the main financial and capital structure adjustment for a reasonable allocation of financial powers, strengthen the position of creditors, the manager layer of effective incentive and restraint, improving the allocation of financial powers of the board of trustees, improve staff participation in the system, to ensure the achievement of financial right.The contribution lies in the allocation of financial right to the theoretical and a period of economic transformation of China's enterprises, particularly companies listed on the practical problems of analysis. However, in view of possession of the relevant information and the theory is limited, and insufficient practical experience, in the allocation of financial right and the status of and countermeasures also exist certain limitations, need to be further improved and perfected.