The Research On Financial Governance Based On The View Of Protecting Property Rights

With the setting-up of modern enterprise system and the change of Chinese enterprise financial management, more and more people realize that the successful operation depends on not only the scientific managements that make capital achieve it's value during the movement, but also the consideration of enterprise's long-term development. "Shareholders supremacy" logic of financial governance shows the inherent limitations, witch is not conducive to the long-term development of enterprises. The rational management structure protects not only the interests of shareholders but also other shareholders who invest specific assets in order to form the long-term stability and mutually beneficial cooperation relations between the stakeholders and enterprises. So the company's survival and development depend on the reasonable company's management structure and mechanism. For China's current status of listed companies that the interests of the creditors, employees and small shareholders can't be protected, the thesis presents the financial governance research based on stakeholders for China's national conditions.Faced China's current status of listed companies that the interests of shareholders can't be protected, beginning with financiers' opinion, the thesis wildly uses property rights theory, financial rights theory and shareholders theory, oriented by protecting stakeholders property protection, with the financial rights arrangement for the core article, form the connotation of financial governance, constructs financial governance system witch is composed by financial governance structure and mechanism based on protecting the interests of shareholders.In the course of the exposition, the thesis presents its own views about essence, owners and target of financial governance for covering the previous shortage. The thesis discusses the financial governance system mainly from the following aspects: allocating financial rights among the shareholders, constructing common governance between governance owners, constructing governance mechanisms with the integration of incentive mechanisms and binding mechanism.