The Research On Financial Governance's Mode And Mechanism Based On Enterprise Stakeholders

With the development of market economy and theoretical research on corporate governance in-depth, more and more people realize that the company's financial governance is important. But with the stakeholder theory is put forward during the 20th century, 60, people began to realize the financial governance not only pay attention to the interests of corporate's owners or managers, but also focus on corporate's other stakeholders. So, the company's financial management as the core of the corporate governance must also pay attention to the interests of stakeholders. The combination of the stakeholders with the financial governance is a necessary for deepening corporate governance, and is a necessary and objective trend for their own development of modern corporate financial.In this paper, the author studies company's financial governance based on the stakeholders, after absorb the essence of financial governance that made by many academics. The thesis made the theory of corporate governance, the theory of corporate contract, the theory of property rights, the theory of the stakeholders and the theory of the principal-agent as the theory basis of the enterprise's stakeholders' financial governance, believe financial governance is properties' rational and effective allocation between Shareholders, managers, employees, creditors, customers, suppliers and government and other stakeholders and the powers and responsibilities of the resulting profits should be a series of relatively dynamic system and the mechanism.The thesis strives to establish a relative completely stakeholders' financial governance system: the main governance' financial co-governance under the normal operating state, the main governance's financial watching for a chance governance under the non-normal operating state and a financial governance mechanism comprised by decision-making governance, incentive compatibility constraint governance; estimate governance, in order to protect governance effectively. The financial management system is full realized the right of financial governance's reasonable and effective allocation among stakeholders, it will help enterprises to improve financial governance efficiency and to achieve the enterprise's value maximize that under the stakeholders' interests balance.