The Research On The Distribution Of State Holding Listed Companies Based On Stakeholder Perspective

State-controlled listed companies as the pillar of the national economic,the reasonable allocation of its financial rights affects healthy operation of the national macroscopic economy or not. The reasonable distribution is not only for the benefits to stakeholders, also improve corporate governance, and provide powerful guarantee for the performance improvement of company.This paper expounds the related theory of financial rights distribution and analysis main existing problems lies in present distribution of state-controlled listed companies. Bad phenomenon such as highly centralized equity structure, enterprise management, I insider control are emerging in endlessly. In addition, the staff is lack of distribution platform, the interests of creditors is faced with badly jeopardizing and the board of supervisors and the independent directors are nominal, which is becoming the trouble of governing state-controlled listed companies. Then, under the comparison between the stakeholder theory and the shareholder supremacy theory,we found that the financial rights allocation model which is on the basis of the stakeholder theory will be more suitable for the development of the modern enterprises. Nextly, the author through regression analysis the distribution among 113 state-owned holding listed companies in 2013 found that ownership concentration, shareholding ratio of the board of directors, the board of supervisors and management layer, the multiple of interest safeguard all have an impact on the company’s governance efficiency. Finally, on the basis of theoretical analysis and empirical research, we take measures to rationalize financial rights of the board of directors as follows:putting forward to promote diversified ownership structure; Improving the system of independent directors; Driving employees directors system and creditors directors system set up; making the director compensation and incentive mechanism perfect; Though enriching the functions and powers of the board of supervisors and giving them appropriate ownership makes it have power to exercise supervision; Long-term incentive for managers give appropriate equity shares to reduce its short-term behavior; All in all, we take these measures to solve the problem of the financial rights distribution of the state-controlled listed companies.