The Financial Supervision System Research In The State-owned Corporate Governance

Financial supervision is an ancient topic. As a main part of proprietary right,financial supervision is an important right which must be controlled by investors. They have always used financial supervision to protect their economic interest. Setting reasonable financial supervision system is an essential method which can ensure the rights of financial supervision not to be controlled by others.When the relationship of the enterprises' property rights and organization system changes, owner's equity and the rights of management control will come apart. Then, who own and make the rights of supervision will be difficult. Especially under the condition of enterprise system, the complicated relationship of property rights cause many layers of principal agent relationship which make allocation and arrangement of the rights of financial supervision more difficult than other enterprise's organization structure. As a result, setting and improving financial supervision system, correctly allocating the rights of financial supervision institution and supervision procedures, and selecting suitable supervisor has become one of the most important questions which owners and managers concerned. In the structure of corporate governance, the financial supervision system mainly supervise and restrain different managers' financial action in the financial income and expenditure and uphold the final proprietor and interest of owners in law, because the system has suitable organization structure, allocates the rights of financial supervision, procedures of supervision and the methods and patterns of supervision. State-owned corporate is a kind of organization structure which mainly own state-owned capital. State-owned corporate has the inborn defect in the relationship of property rights, which make the government become represent owning the proprietary interest of state-owned capital and controlling the rights of financial supervision. In reality, the financial supervision system can not entirely and effectively hold back some managers to corrode the proprietary interest of State-owned capital. So it is much more significant to improve and perfect the financial supervision system, strengthen the financial supervision and restrain the financial activities of different layers of agents and managers. This paper is studied by combining empirical method with normative method. Starting with generally corporate property rights, agent relationship, the structure of corporate governance and financial supervision system, the author attempts to find out the generalities and characteristics of non-state-owned enterprises and state-owned enterprises. The author also wants to analyze and discuss in detail the problem of allocating supervision rights, setting supervision organization, selecting supervisors and auxiliary institutions in financial supervision system. The author not only attempts to disclose the main defects and causes of the state-owned enterprises financial supervision system, but also gives some suggestions and options to deeply reform and perfect the system.First, this paper mainly discusses the theory basis of financial supervision system in the state-owned corporation. It regards as follows:Corporate governance institution is an inevitable result of the development of corporate property rights institution and agent relationship. To reduce the transaction costs and agent casts, the relationship of economic supervision needs to be set up between owners and managers, between the upper managers and other managers at all levels. The core of corporate governance is financial governance that is mainly made up of financial supervision system. Financial governance is a managerial system of the allocation and balance of financial rights. The important role of financial supervision system can not be replaced by other supervision systems. The main contents of financial supervision system can be stated as follows:Defining supervision rights among different layers of supervision organization, prescribing the responsibilities of organ...