The Research On The Stockholder's Financial Governance And Stakeholders Game In State-owned Holding Company

In China, with the rapid development of capital markets, stock and modern enterprise system of overall construction, the growing importance of finance system on the company's financial efficiency and with special attention to the relevant stakeholders in the company financial problems. It is necessary and prospective to financial governance for the stakeholders. Based on the systematically reviews of relevant previous studies, according to the objective requirements of enterprise development, this paper uses theory such as stakeholder theory and integrated use of the model analysis, comparative analysis, and game analysis, takes China's state-owned holding company as the research background, and analyzes the following aspects.(1)Corporate governance and financial governance are closely related. Financial governance as an important component of corporate governance, both the contact between them but there is some differences. Differences include the different focus, governance objectives and the different focus on the constraints of systems.(2)Financial governance stakeholders revealed several fundamental theoretical issues. Such as the essence of financial governance is the rational allocation of financial power, the objects, the subject, the objective, the content of financial governance.(3)Game analysis of stakeholders to the state-owned holding company. Focus is on certain premises and assumptions carried out between the two, includes the game of operators and the shareholders, the game of major shareholders and small shareholders, the game of the shareholders and creditors, the game of operators and related businesses and so on.(4)To improve countermeasures of the state-owned holding company controls the financial power allocation. For state-owned holding company "due to the dominance," the phenomenon of high ownership concentration, large shareholders control the board of directors, board of directors serious internalization, the board of supervisors inadequate supervision issues and so on, we learn from experiences at home and abroad, and suggest that reduce the state-owned shares and improve financial governance of state-owned holding companies in order to establish multilateral governance and create a harmonious physical environment. This paper based on the stakeholder game analysis in order to find the pursuit of common interests between them, and to quantify the corporate financial governance of the financial power allocation. Meanwhile, the shareholders will be divided into major shareholders and small shareholders to consider their own influence and impact to financial governance of the financial power allocation which help to analyze the game of stakeholders in the financial governance and have the power to improve the efficiency of the company's financial governance. So, we can believe that it has some practical significance to the reform of modern corporate system.