Study On Business Group's Financial Governance Based On Stakeholder

In facet the competition between country is economic strength competition, enterprises, especially business groups embody Country's economic strength, people looked upon the vicissitudes of business groups as Symbol as a country's economic vicissitudes. As a new rivalries organization, business groups has been more and more important in the economic development of China, the achievement of business groups'financial governance affect country's competition and development.When economic system changing, corporate governance is being introduced into Chinese business, but it can't be acclimatized. The governing organ is nominal. Therefore, scholars in China are beginning to focus on financial governance, because it is more normal and more manageable, finance governance has been the focal topic in domestic financial theory field during the latest years, but nearly all researches on finance governance aim at the self-governed corporate and the researches on the business group's financial governance are few. This paper is based on stakeholder theory, the studying object is the mother-subsidiary business groups. First, definite the related concepts from of reviewing all the relevant documents; Second, On the one hand, use of SPSS statistical software, analyze business groups'horizontal financial governance in China, the stakeholders financial governance, from the concentration of shares, the proportion of shares in circulation, the employee stock ownership ratio, the two concurrently, such as seven aspects include 11 indicators, statistics a general description and the correlation between these indicators and corporate value, the capacity growth of value. Found that there are many problems, such as, shares are excessive concentrative, boards of directors and supervisors'supervision mechanisms are weak, lack of incentive constraints of the manager, creditors have no substantial financial power. On the other hand, the thesis analyzes vertical financial governance of Chinese business groups, financial governance between Mother Company and subsidiary. From the quantitative, scale enterprise groups and the ratio of subsidiary accounted for the members of enterprises, from qualitative, control of the subsidiaries'financial powers from the Mother Company, such as the finance director mechanism, internal audit mechanisms. Found that, excessive concentration and spread of financial powers exist, Chief Financial Officer Mechanism is imperfect, and independence of internal audit is low. These problems seriously affect the efficiency of financial governance of business groups. Finally, in light of these problems, Put some suggestions to improve the financial governance of Chinese business groups.