The Research On The Optimum Financial Structure And The Optimum Allocation Of Control Right In Modern Enterprise

Financial structure and allocation of control right are important parts of the system of modern enterprise, it is very important to the management of modern enterprise also. The optimal financial structure and the optimal allocation of control right have been researched through by the financial contractual theories in this thesis. From the viewpoint of the largest profit of the enterprise, it is considered the relations between each variable in the contract of financing and control right sufficiently, a frame which can interpreted the correlations of each variable in nature has been set up and two optimal models of financial structure and allocation of control right have been given, which can interpret some basic laws of contract allocation of enterprise much better.The thesis included three parts. In the first part, a summarization about the contractual theories of financial structure and the allocation of control right has been introduced. In the second part, a model of the optimal financial structure combined with the incentive-based theory of control right has been set up based on the financial contracting theories and the gotten results, which pointed out the optimal ratio of debt-stock, and the allocation of control right corresponding, and also given some basic laws of financial contract allocation. In the third part, a model of the optimal allocation of control right has been set up based on the research of the allocation of control right by Weiying Zhang and Bingjie Vang, which is more reasonable and more excellent. The choice of control people(?) discussed, and the issue that the optimal allocation of control right is that the a(?)nt(?)l right is hold by directorate or manager which is in possession of human capital.