Research On Finance Governance In Chinese Listed Corporations

With theory of corporate governance being brought out, the attention to study on theories of capital structure has been paid to its efficiency on corporate governance;therefore, the school of capital structure on corporate governance has been formulated and attained a lot of research achievement. In practice, corporate finance and corporate governance are always interwoven. To solve certain question, singly measure can hardly get ideal effect, and only comprehensive research and design could effectively solve complex problems. The formation and perfection of finance governance theory suits the need of theory and practice, and quickly becomes a new research field of finance theory.As corporation is a nexus of contracts, every stakeholder has the right to participate the administrating of the company. But because they have different status, they have distinct right and participating pattern. So in corporation finance governance, every stakeholder must define and harmonize status and functionary themselves in financial flow and division, and ultimately every stakeholder realizes restriction and balance one another on financial right, which makes Listed Corporation improve efficiency of resource collocating and effect of corporate governance. Hereinto, every stakeholder defines and harmonizes status and functionary themselves in financial flow and division, which we call finance governance, if we can use a system or contract to criterion or leash above financial right deploying to every stakeholder, what is the content of research on finance governance mechanism.This thesis, comprehensively using financial right flow theory, modern west capital structure theory, corporate governance theory, enterprise theory and property rights economics and so on, taking financial right allocation as a main clue, by discussing the concept of financial right and corporate finance governance, financegovernance center n cost, influencing factors and surrogate question of financial right allocation and so on and puts forward the basis framework of financial right allocation. Expect to bring some interest to solving the complex finance governance issues of China. Analyzing actuality of finance governance in Chinese listed corporations, we discover some questions: stockholder convention becomes convention of big stockholders;right of middle and small stockholders get damage;directorate hasn't independency;benefit of creditors can't ensure and so on. By analyzing, this thesis puts forward to setting up stakeholder together and watching for a chance finance governance to ensure right of stakeholders themselves and hopes to bring some interest to investigators later.