Research, Stakeholder-based Financial Governance

Since the sixties of twentieth century, stakeholder theory has been formed and developed gradually. At the beginning of the nineties of twentieth century, stakeholder theory began to challenge stockholder primacy theory. Foreign scholars mainly study stakeholder from the angle of management science, however, domestic scholars directly introduce the concept of stakeholder into finance science field. The selection of the topic for this thesis makes a further study of stakeholder from the angle of financial governance, in order to make up a system of financial governance perfectly.This thesis, comprehensively using corporation governance, financial-rights theory, stakeholder theory theory and so on. taking stakeholder as the direction, taking financial-rights arrangement as a clue, beginning from the connotation of financial governance, by discussing the definition of stakeholder, the interest of stakeholder, the connotation of financial-rights and so on, interconnects stakeholder and financial governance closely and puts forward a system of financial governance of stakeholder which consists of the structure and mechanism of stakeholder's financial governance. This thesis tries to found a relatively integrated stakeholder's financial governance system. this thesis suggests that the structure of stakeholder's financial governance should have three aspects, including collective governance, contingent governance and dynamic governance, and the mechanism of stakeholder's financial governance should be composed of these sections: decision-making mechanism, motivating mechanism and controlling mechanism. At the end of this thesis, in combination with the ongoing stock splitting reform, close attention is paid to the Small & Medium sized investors; also, corresponding suggestions for governance are proposed.