Research On Allocation Issues Of Financial Administrating Rights In Chinese Companies

The Financial Governance of enterprises is a hot issue of the present financial theoretic research. The research on the allocation of financial control right which is the core of the financial governance problems, has the important theoretic value and practical meaning. The financial control rights mainly means the financial decision-making power, implementation power, supervision power and profit-earning power, and its allocation mainly aims at forming an effective responsibility-power-profit balancing system among related interest groups. An imbalanced or improper financial control rights allocation would affect the effective allocation and use of resources of an enterprise, and increases its dealing cost, and then results in a low financial operational efficiency.From the related theories such as the property-rights theory of modern enterprises, the contract theory, the principal-agent theory and the stakeholder theory, the meaning and functions of the financial control rights are put forward. And the research situation on the financial control rights allocation in theory field is analyzed and elaborated according to classifications. Comparing to the structures and features of the allocation of the financial control rights of the developed countries, and taking listed companies as example, the features, the limitations and the problems existed in practices of the allocation of the domestic enterprises are analyzed.Aiming at the existed problems of the present financial control rights allocation, this paper put forward a general idea of the financial control rights allocation reform in the modern enterprises which is based on the property-rights arrangement of enterprises, guided by the concept that stakeholders'value should be maximized, taking the symmetrical arrangement of the financial information as precondition, and taking the realization of the power interaction among different allocation objectives as method. Based on the train of these thoughts, two new allocation modes such as hierarchical- interactive financial control rights allocation mode and timely-interactive financial control rights allocation mode are created, and further the operational principle of the new allocation modes are elaborated. Meanwhile, this paper point out that, in order to achieve the availability of these new modes, the inner governance structure of the modern enterprises should be normalized, the generation way and the form structure of the board of directors should be reformed, the relations between the board and the operational management should be properly arranged, and the form structure of the board of supervisors should be improved. For the outer market, the behaviors of the structure investors should be normalized, the efficiency of the outer market system should be improved and the evaluation function of the capital market should be improved.