The Problems And Countermeasures Of Financial Governance Structure Of State-owned Listed Companies

Financial governance structure is an important part and the main aspects of enterprises governance structure. It use the core of the property rights as a link,gradually establish the status and role of investors, board of directors and managers that in the property rights movement and separation, it reflects the relationship of mutual checks and balances that every subject arranged in the financial power. It is conducive to building the internal and external governance system that are mutual coordination and contained for applying the theory of financial governance structure to the management process of listed enterprises, it promotes the listed enterprises to working capital more rational and effective to achieve business objectives. State-owned enterprises as the main body of China's socialist market economy, it controls the economic lifeline of our country and in charge of the great mission about national economy and the people's livelihood. It is an important foundation to ensure the realization of China's socialist orientation and national rejuvenation. The state-owned listed enterprises as an important member in China's securities market occupy larger proportion in all listed company, it distribution in various industries of the national economy. Regardless of the improvement of market competition order, or to safeguard national economic security and support technology innovation, the state-owned listed enterprises played a significant role. Constantly perfect the financial governance structure of state-owned listed companies and realizing reasonable allocation of property ownership in management subject about company's internal and external that is helpful to achieve the value of state assets maintain and increase more effective and to further promote the development of national economy.In this paper, state-controlled listed enterprises as the main subject, according to the problems result in the multi-agency relationship,too concentrated ownership and too much interference in company's decision from government, such as the lack of oversight,the confusion about financial power configuration,low efficiency about capital operation and lack of innovation and other questions for further analysis. Developing the financial governance structure of listed enterprises by clearing property rights,optimizing financial power allocation,formating the organizational system that rights equal responsibilities,making effective incentive and restraint mechanisms, to supply reference for the future innovate and optimize to state-owned listed companies.This article, according to the state-controlled listed company's characteristics, by using normative research method,the basic, theory and analysis method about economics and management experience learning method, probe into the problem of optimization about state-controlled listed companies.This article's frame structure is:through the analysis of the state-owned holding listed companies' specific conditions and reference to international advanced experience, explore the deep reasons about the problem from state-controlled listed companies, and put forward concrete suggestions. The text is divided into six parts. The first part is the introduction section, introduces the background and the significance of topic selection, and the theory research summary about financial governance in current domestic and international. The second part expounds the concept,elements,content and nature about financial management structure, definition of the state-owned listed companies, the development history and characteristics about state-owned listed companies'financial management. The third part is problems and reasons analysis of China's state-controlled listed companies. The fourth part of the paper take example by foreign experience, analyzes the financial management mode and their merit and weakness from Britain,America,Germany and Japan. The fifth part is the core part puts forward countermeasures and suggestions which combining reasons analysis of state-controlled listed companies'financial management problem and foreign experience learning put forward some suggestions to improve the company's financial management structure. Those suggestions including:perfect management system of state-owned assets,clear company property relations,realize diversified financial counterbalance mechanism,enhance creditor supervision permissions,strengthen supervisory function of internal financial governance agencies,perfect management system of managers,build the matched external financial governance environment and so on. Last part is complimentary close,the author hopes that through these suggestions, provide theoretical basis and practical help about the Chinese state-owned companies' optimization of financial governance structure.