The Finance Governance Study Of Stakeholder In Listed Corporations

In recent years, stakeholder's financial management is a new hot spot in research of stakeholders theoretical in western. Under the new economic situation, enterprises that have to provide high returns for shareholders, and meet the interests of other stakeholders are facing the dilemma. Because of limited resources, it is impossible for enterprises to meet the conflicting demands of all the stakeholders at the same time and the same level. Therefore, stakeholder's financial management requires balancing conflict interests of different stakeholders, designing a scientific model of stakeholder's financial management, strategies and mechanisms. In view of this, This paper need to explore the path of achieving goals in the process of stakeholder's financial management, analyze that how to reflect the claims of stakeholders in the management structure, how to avoid financial conflicts when companies are allocating financial rights, and the choice of financial management mode in terms of different claims of different stakeholders.At present academia, there are not clear definitions about basic elements, such as the financial management subject, financial right and so on. Aim at this situation, this paper forms the theory frame of the research by using resource dependency theory, the property rights theory of stakeholder's cooperation, the social responsibility theory of corporate for references. We analyze and define relevant concepts in the theory frame, and build a clear theory basis and a theory frame.Next, we demonstrate the feasibility of stakeholder's financial management objectives from the angle of efficiency and fairness. This paper indicates restrictive conditions and key influence factors of cooperation through building the game model of stakeholders cooperation. The model shows that realization of financial management objectives is the outcome of the game of interest parties. All stakeholders have opportunities and rights to involve in the game of allocation of corporate financial right, but this game is a cooperative game, guided by the principles of cooperation, the principle of balanced interests and " the principle of the biggest pie. " Harmony of the company's financial management system is the prerequisite of cooperation between stakeholders, and the goal of financial management; at the same time, we research from the angle of dynamic, multi-stage, expand the model of cooperation, and establish the multi-stage, dynamic game model of financial management goals of multi-interest subjects. Through negotiations and repeated games, stakeholders contract to prevent excessive "crowded" and "friction" between stakeholders, to ensure the sustainability and stability of cooperation.We conduct empirical studies on relationships between the stock right structure and financial performance, financial management structure and financial performance, the benefit guidance of core interest stakeholders and financial performance. Taking China's listed real estate companies as the samples, the models and assumptions are proved by using regression analysis, Correlation analysis, principal component analysis, factor analysis, and other statistical analysis techniques. Empirical findings show that: there is a positive relationship between the realization degree of interest claims and corporate financial performance. Meanwhile, we build a model of the relation between stakeholders-oriented and financial performance. The model shows that different types of stakeholders-oriented relate with different financial performance, and these relations will be mitigated by the external environment. It shows that listed companies set down different stakeholders-oriented strategies according to different financial performance objectives and different external environments, achieve the effective allocation of financial resources; it proposes the scheme of financial rights allocation for stakeholders involving in company's financial governance, constructs agency game model aiming at financial conflicts, through the dynamic process of financial incentives to achieve financial coordination of stakeholders, ensure the realization of consistent financial targets.Finally, combining above-mentioned contents, we construct the stakeholder's financial management mode of listed companies based on the social performance evaluation, and use CBR technology to solve the problem of strategic choice. According to empirical analysis and research, we make advices for the strategic choice of the RDAP model: in the RDAP model, the supervision of the relationship between the stakeholders is the key factor of using CBR technology to choose stakeholders financial management mode. Different stakeholders have different interest claims for enterprises, so enterprises need to adopt diverse financial management strategies and measures for specific stakeholders. Many stakeholders often have conflicting interest demands. But the financial resources are limited; therefore, based on the actual situation, enterprises need to take different attention degrees and management strategies for different stakeholders. Different enterprises are facing different stakeholder problems, so management strategies taken by enterprises should be different.