Stakeholders In Corporate Financial Governance Structure

This thesis has used financial-right flow theory, modern west capital structure theory, and corporation governance theory comprehensively. Taking financial right allocation among different financial governance subject as amain clue, the article analyses the financial governance problems existing in the listed companies in our country by using rich materials of the list companies in our country.After reviewing the theory about corporation governance, modern capital structure theory and incentive theory, the frame of the financial governance theory is put forward. The frame includes the subject, the object, the mode and other related contents of the financial governance. The subjects of the financial governance are shareholders, managers, bondholders, staffs, government, communities, and providers, who offered the special assets for corporation. The object is financial conflicts. It includes the financial conflicts between shareholders and managers, managers and bondholders, and other profit related groups financial conflicts. The goal of the financial governance is to harmonize the financial conflicts of the financial subjects to maximize the interest-relevant groups' value. The main mode of resolving interest-relevant groups' conflicts is shareholders, managers, creditors and other interest-relevant groups all decide the financial incentive process and the contingent governance by the creditors and other interest-relevant groups. The mode gives new to the pure financial incentive and the financial supervision. It can coordinate the complicated relationships among shareholders, managers, creditors and other interest-relevant groups in our listed companies in all aspects, and create an inner environment in which the interest-relevant groups can...