An Empirical Study On Relationship Of The Allocation Of Corporate Property Right And Firm Valuation

With the setting-up of modern enterprise institution and the change of Chinese enterprise finance, more and more people realize that the successful operation depends on not only the scientific managements that make capital show the value during the movement, but also the effective governance structure that allocates the right of the capital movement, that the realizing value of the capital movement needs the effective right arrangement. The combination of the value with the right during the capital movement in finance is the objective trend of the enterprise finance development. It reflects that the enterprise finance needs corporate governance. Obviously, the appearance of financial governance is to innovate corporate governance and develop modern enterprise finance.The thesis beginning with financiers' opinion, analyzes the allocation of proper right with the shareholders, the directors and the operators. In order to provide the suggestions for Chinese listed companies of retail trade to enhance competitive, the paper takes 50 companies of retail trades as the sample, analyses the cash flow right, the controlling right, the separative rates of the two rights as well as other factors influencing company value. The research indicates, the company value of Chinese listed companies of retail trade has remarkably negative relations both with the cash flow right and the control right; the proportion of independent directors is not related with the company value; the debt can promote company value. ROE has no relationship with the company value; and the company size has positive relationship with the company value.To resolve these problems, the thesis put forth an idea: to build a board of supervisor of the financial right.