Study Of The Mechanism Of Financial Power Of The State-owned Enterprises

Whether a machine runs efficiently or not is greatly dependent on its power system. No matter how perfectly it is designed or made, it will not run well if there's something wrong with its power system. Assuming that an enterprise was a machine, the various efforts the owners made in property increment, and the enthusiasms the managers and workers had in taking part in the corporate governance to maximize the enterprise value, which was looked as the financial goal, were just like the power of the special machine. Meanwhile, the governance mechanism should be its component to transmit power. According to the private economy, its. efficiency is directly connected with the concerning of the enterprise value's increment and the perfect mechanism to ensure the stuff's studiousness. On the contrary, the state-owned enterprises (SOEs) are just like machines with power problems, as long as these power problems haven't been solved, any kind of corporate governance mechanism will fail. Therefore, it is the construction of the power mechanism that critically affects the success of the SOE reform.Based on the theories of the firm and the principal-agent, this dissertation studies the power status of financial governance subjects, who participate in the corporate governance, from a financial governance angle by normal analysis and comparative analysis, and tries to find a way to improve the governing efficiency and consummate the corporate governance mechanism of SOEs.Firstly, the dissertation systematically analyses the financial governance subjects and the main problems existing in the financial governance of SOEs in our country on the foundation of discussing the firm theory and the principal-agent theory, and points out that the key to the imperfection of SOEs' corporate governance mechanism is the financial governance subjects' lack of power.Secondly, the dissertation separately analyses the power status of SOEs' financial governance subjects, and points out corresponding measures to inspire their power.Finally, the dissertation compares the characters of financial power mechanism in the west from a financial governance angle. On the basis of absorbing all the further experience for reference and considering the practice in our country, the dissertation tries to construct SOEs' financial power mechanism by the rational allocation of property rights, which is the financial governance object.