The Research On Financial Governance Of Listed Company

The research on Financial Governance of Listed Company can be summarized as three questions briefly: â…  . Who should grasp financial power of company and who does in fact; â…¡. Allocation proportion between the persons who are correlated with all financial interests of power of the company; â…¢. How do the persons who are correlated with all financial interests of power of the company exercise his financial power of company. The financial power is regarded as a kind of form of company's property right, not only is it defined as one kind of the power on the form of value of the property, but also should it be regarded as the norm of implying the behavior relation on the value of the property. Therefore, financial governance as the most crucial ,most essential component in corporate governance is the rational distribution of company's financial relation. It includes the content of two following respects concretely:(1) Distribution of financial power. This thesis points out that the financial power that Financial Governance of Listed Company disposes is " residual financial rights ", and the essence of Financial Governance is a contract system of " residual financial rights ". The residual financial rights is to mean the financial power not stipulated in company's financial contract, including residual rights of financial control and residual claimancy for financial interests. The residual financial rights which is a state-contingent ownership is distributed among the persons who are correlated with corporate financial interests, such as shareholders, operators, financial managers, creditors etc, and its distribution reflect that " financial risk-maker " is corresponding to " financial risk-taker ", namely residual rights of financial control are corresponding to residual claimancy for financial interests. Under confirming the target that residual power of property assigns, Capital structure (including stock-rights structure and creditor's rights structure) as a kind of proportionate relationship on the corporate capital, is the foundation of Financial Governance.(2) Enforcement of financial power. This is a frame on enforcing the residual power of property, and it includes the contents of three levels: First, share-holders' exercise mechanism on residual financial rights, including Shareholders' Meeting, institutional framework and settlement of the function of board of Boards of Directors, etc; Second, operators' enforcement mechanism on residual financial rights, including the agency by agreement mechanism between shareholder and operators; Third, the agency by agreement mechanism between operators and financial managers.The thought of this text is " proposing the problem -- summarizing basic theory...