Research On Finance Governance Of Listed Corporation

Corporate financial management is a process that financial decision-makers of all levels make their best choices to resolve some financial items. Facially, they only need utilize "operative finance technology and method" in the process, but at the same time a lot of institutional factors have strong influences over the process. So we can't explain all kinds of irrational conducts with classical theories of financial management.Confronting financial frauds of American corporations such as Enron and listed companies in China such as Houwang , we can find that the key factor that influences financial operative efficiency of corporations is not the financial technical methods but the corporate institution, included in the allocation of legal property rights inside the corporation itself and related to corporate governance, specially in allocating structure of financial administrating rights (involved in the rights of financial decision, execution and supervision),so do in Chinese listed corporations. Finance governance is the major part of corporate governance, allocating structure of financial administrating rights is the corn of finance governance.On the basis of the institution economics, this article compares the three typical corporation finance governance in international areas, tries to build systematic research framework and give advices to the route-dependence of finance governance in Chinese listed corporations.