The Inquisition Of The State-owned Listed Company Financial Governance Mechanism

Research on finance governance in domestic begins with the finance governance of the state-owned corporation,and develops with the deepreform of the state-owned corporation.The state-owned listed company became the main state-owned capital operation,as a king of state-owned companies,it is very important in influencing the national economy and industry.A good financial governance structure is the key of improving the level of the state-owned capital governance.The state-owned listed company is different from the general listed company,which is the specific form of the listed company and the special corporate operating state-owned assets.Accordingly,the financial governance of the state-owned listed company has its own particularity.From the present point of view,the state-owned listed company still has some issues,for example,it lacks binding and incentives,the company’s competitiveness is low,it can not ensure the service quality and service levels and has inefficient decision-making.At the same time,because of the holding in the form of the state-owned enterprise,most state-owned shares in the state-owned enterprise are in the state of absolute control and the formation of "internal" control,ultimately making the loss of state assets;minority shareholders interest is harmed.The arising of above problems is because of their financial governance has a huge flaw. In order to adapt to market conditions to survive and develop,it is necessary to study the financial governance mechanism of the state-owned listed company,and propose a comprehensive solution.This article discusses these issues,and puts forward the optimization of the financial governance mechanism.so this study has some practical significance for improving the financial governance mechanism of the state-owned listed company.In this paper,we use the standard research methods,which includs economics and governance ideas and theories,for example,the theory of corporate governance,the financial power flow theory and the theory of financial stratification.The main study is the property rights allocation, By analyzing the basic theory on the allocation of financial governance,motivation,supervision the author seeks to establish a relatively complete financial governance mechanism frame work fo rcscarch,expecting to solve complex problems of the listed company in China’s financial governance.The paper brings forward the meaning of financial governance mechanism and its content,which includes financial decision-making mechanism,financial inspiriting mechanism and financial restricting mechanism.Aiming at the main problems above,this dissertation analyses the causes in particular,and puts forward the countermeasures to perfect the financial governance mechanism of the state-owned listed company.In this paper,the following sections to elaborate ideas.Intruduction part pointes out the background and significance of research panpers,reviewes the research status,the presented ideas and methods,the overall structure of the paper are outlined.The first chapter introduces the basic theory of financial governance mechanism in the state-owned listed company.The second chapter analyzes status quo of the state-owned listed company,finds out some problems and reasons. For example, configuration of property rights is too concentrated,appear of internal control;minority shareholders interest is harmed; company’s inspiriting mechanism is unsound, financial restricting is ineffective; company’s disclosure quality of information can not be ensured and so on.Aanalyzs problems from both internal and external parts,Internal part includes miss allocation of property rights;lack of principal effective supervision;internal governance mechanism is not complete and so on.External part includes captital markets is unsoud, protection mechanism of minority shareholders is imperfect, enforcementf of existing regulations is not enough,over administrative intervention of government and so on. The fourth chapter analyzs the strengths and weaknesses of foreign financial governance,they are the reference for the state-owned listed company.The fourth chapter summarizes the reasons,which is combined with China’s national conditions,learns from the experience of outstanding foreign,proposes specific recommendations to improve and optimize the state-owned listed company.For example,defined clear financial subject; optimize the state-owned listed company’s ownership structure; Innovate financial management inspiriting mechanism,transfer related manager’s enthusiasm; perfect financial governance restricting mechanism, strengthen supervision; sound the corresponding laws and regulations and sound company’s financial governance information disclosure.