The Research On The Distribution Of Financial Administration Right And The Optimization Of The Capital Structure

The traditional capital structure theory emphasis that how does the capital structure of the control mechanisms influence the control over the company's financial management, which is an important aspect the right configuration. In fact, suitable allocation model for enterprise capital structure in turn, will also have a role. This paper attempts to allocation of financial authority from the perspective of the theory of property rights, contract theory, agency theory and other theories tool to study in the enterprise which has been formed on the basis of capital structure, financial management through the right to promote the rational allocation of capital structure optimization.This paper studies the financial management of configuration and the nature of the capital structure, and explains that the task of financial management is to overcome the acts of opportunism that caused by uncompleted lease contract in the enterprise, through the remainder of the optimal allocation of financial authority, so as to achieve the enterprise value maximization. Capital structure is essentially a contractual right to demand, optimizing the capital structure of the contract is through the improvement of relations between the marginal agents to stake claims equivalent to the marginal cost of agency costs. Configuration and control of financial capital structure optimization objectives are unified in the improvement of the efficiency of corporate governance, financial management and the rational allocation of power will encourage enterprises to the capital structure optimization. This paper focus on the financial management of different configuration mode right to the capital structure and the morphology of the impact of corporate behavior, thus optimizing capital structure of the proposed ideas is to improve the financial management of the configuration, and ultimately improve financial governance for allocation of the right to make specific recommendations.In the intellectual economy, enterprise property rights include the main shareholders, operators, producers and creditors. Since property rights have their own ideals of the main differences in capital structure, each with its own property rights will be the main principle to maximize the effectiveness of decision-making, inevitable produce the main different between the conflict of interest, the improvement of financial governance not only can have a positive impact on the capital structure of the enterprises, but also the key to optimize the capital structure through balancing the interests of all parties. At present, a key factor to make China's listed companies' capital structure of poor governance is China's economic transformation process, there are some unreasonable systems to lead the drawbacks in the financial management of the irrational allocation, which has also obstructed the efficiency of capital structure of governance in listed companies In view of the issue, to optimize its capital structure of the enterprises is by means of strengthening equity, debt restraint sclerosis, vigorously develop the capital market, and the establishment of effective human capital incentive and restraint mechanisms to improve enterprise Financial Governance right configuration.