The Research On Finance Governance Mechanism On The Basis Of Contract Theory

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. 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 financial governance mechanism.This thesis, on the basis of reviewing the literature systematically, comprehensively uses the enterprise contract theory, corporate governance theory, finance governance theory as a platform, defines the nature of the finance gevernance as contract governance, and put forward the connotation and structure of financial governance mechanism, being composed of financial decision-making mechanism, financial incentive mechanism, financial control mechanism. With the above discussion, this thesis tries to link the contract theory with financial governance mechanism, analyses financial governance mechanism on the basis of contract theory from the view of game, selects the appropriate financial governance mechanisms according to the motives and attitudes of each party who participates in the signed contracts, and makes some related recommendations, which is consisted of clearing the rights and responsibility of the financial decision-making equity to improve financial decision-making mechanisms, strengthening internal financial controling and incentives mechanisms, and establishing a sound external financial monitoring and incentives mechanisms.