Study On Financial Governance Based On Stakeholders

The theory of the financial governance has sprouted in the western, proposed explicitly and research independently in our country has the profound historical background. With the modern enterprise system establishment and the course of reform accelerate in our country, more and more people realized that financial governance is the method to solve the problems in the reform of our state-owned enterprise and listed companies' governance.The thesis beginning with financiers' opinion, financial governance is a series of institution arrangements that the shareholders, the operators, the study the creditors, the customers, the suppliers and the government allocate financial rights effectively and the rights match the obligation and the income.The thesis studies financial governance based on the stakeholders, is mainly about Chinese listed companies. Based on the theory of property rights, the theory of financial rights, the theory of the stakeholders and the theory of corporate governance, it explicates the basic theory of financial governance based on the stakeholders. The allocation of financial rights is the essence of financial governance. The entity of financial governance includes the shareholders, the operators, the stuff, the creditors, the customers, the suppliers and the government. Financial rights are the object of financial governance. The objective of financial governance is the maximization of the stakeholders' equity. The financial governance structure includes capital structure, organizational structure, operation pattern and organization post arrangement.It tells us how to allocate financial rights among the stakeholders, and carried on the elaboration to the financial government mechanism, the financial government mechanism has mainly included the decision-making mechanism, the prompting mechanism and the restraint mechanism. Finally has conducted the real diagnosis research, has carried on the analysis take the HouWang joint-stock company as the example, and aimed at the question to propose the related countermeasure.