The Research On Financial Governance Structure And Financial Governance Efficiency

The research of financial on system becomes the most important subject now for the modem economics contains both technology and system. The research on financial governance structure and financial governance efficiency in China is good for corporate governance and will supply useful ways for improving financial governance efficiency. This also meets with the hotspot of economy reform. The thesis analyzes financial governance structure and financial governance efficiency by financial incentive governance structure and financial monitorial governance structure, focusing on the disposal of financial governance rights between stockholders, executives and creditors, in China's listed corporations.Financial governance structure is the system arrangement for disposal of financial governance rights and the dynamic way to achieve target of financial governance. It can be divided to two departments: financial incentive governance structure and financial monitorial governance structure. Thinking of cost, agent cost is the key to improve financial governance efficiency. Financial incentive governance structure can solve the problem how to dispose financial governance rights between stockholders and executives, reduce the first kind agent cost, and improve the financial governance efficiency. Financial monitorial governance structure can solve the problem how to dispose financial governance rights between stockholders and creditors, and large stockholders and small stockholders, reduce the first kind agent cost, and improve the financial governance efficiency. So, financial governance structure is the key factor to improve the financial governance efficiency.Based on the theory analyzing, the author analyzes the situation on financial governance structure and financial governance efficiency of China's listed corporations, and finds that agent cost is too high and financial governance efficiency is too bad. So, the author advises some ways: incentive executives by direct and indirect ways, major bank governing mechanism, strengthen financial monitorial governance of small stockholders to large stockholders. Then, the author points out that it will be a dynamic combination of financial incentive governance structure and financial monitorial governance structure. Corporate should choose a proper combination in different situations.