【作者】 刘胜强；

【导师】 黎玉柱；

【作者基本信息】 武汉科技大学 ， 企业管理， 2004， 硕士

【摘要】 作为现代企业制度中的一个较为重要的问题——公司治理问题，在我国，直到近几年才逐渐被经济界所关注，但目前公司治理问题的研究，大多是从董事会行为、领导权结构、报酬合约等非财务的角度来进行论证和分析，诚然，从这些角度研究公司治理，无论是对指导治理问题理论研究的进一步深入，还是提升企业治理的实际能力，都会有一定的指导和促进作用。但是，仅从这些角度来研究是远远不够的。我们知道，企业的核心是财务，而财务包括筹资、投资和股利分配。由于企业筹资活动是整个财务活动的起点以及其与公司治理的特殊关系，因此，本文从筹资这一特殊视角，把治理问题放在财务中进行分析和论证。首先分析了西方国家的融资结构，找出治理中存在的问题和不足以及给我们的启示，然后借助具体的财务数据，分析我国上市公司治理结构的实际状况，最后针对这些实际状况，提出相应的治理对策。全文分为以下几章。 第一章、绪论。本章首先论述了选题动机，然后对本文的大体结构作了一个概括性的说明，最后对该课题研究方向作了一下展望。 第二章、公司治理的涵义及其与财务的关系。本章首先介绍了公司治理概念的内涵，然后论证了融资结构是公司治理的基础这一结论，最后分别分析了股权结构、资本结构同公司治理的关系。这一章为以后几章的研究提供了理论基础。 第三章、日美公司治理结构的财务比较。本章首先提出问题——为什么日本在70年代至90年代经济全面繁荣，而90年代以后经济持续低迷，而美国恰恰相反?然后从股权结构和资本结构两个方面，对日美公司治理结构进行分析，以期找到问题的答案。这一章为第五章优化融资结构、提升治理效率提供了具体的操作支持。 第四章、我国上市公司治理结构的财务分析。本章分别从股权结构和资本结构两个方面对上市公司治理结构进行财务分析，并指出其不足之处和亟待解决的问题。 第五章、优化融资结构、提升治理效率的政策建议。本章是基于第三章日美公司治理结构的启示和第四章我国上市公司治理结构中存在的具体问题，提出相应的政策建议，具体论述仍从股权结构和资本结构两个方面展开。更多还原

【Abstract】 As a comparatively important problem in the modern enterprise systems-thegovernance structure, in our country, has gradually been paid close attention to by the economical circles till recent years, The discussion of it mostly is unfolded not from financial angle but from the angel of director’s behaviors, leadership structure, remuneration contracts which, of course, can guide and manage to further the deep theoretical research and promote the actual enterprises-managing abilities. But it is far from being enough to study only in terms of these. All we know that the cores of enterprises are the financial affairs, and the financial affairs include raising funds making investments and distributing dividends. Because enterprise’s fund-raising activity is the starting point of the whole financial activities and its specialrelationship with the governance structure. So, from a special visual angle-raising funds, thiscontext analyses the financing structure of the western countries and poses some questions about them at first, and then tries to find the correct answers to the questions and seeks the enlightenments which give to us, Finally basing on the concrete financial data , the context analyses the actual conditions of the listed company in our country and put forward the corresponding administrative countermeasures. The whole context is divided into several following chaptersChapter one. Introductions. This chapter describes selected title motives firstly, and then prescribes whole structure of the context, finally looks into the distance about it.Chapter two. The meanings of governance structure and its relationship with finance structure. This chapter has introduced the concept of governance structure firstly, and then makes a conclusion that the financing structure is the foundations of the governance structure by analyzing the relationship between the stockholders equity structure or the capital structure and the governance structure. This chapter offers the theoretical foundations for the following chapters.Chapter three. Comparisons the Japanese company’s governance structure with American company’s in finance. This chapter firstly puts forward the question that why Japanese economy was prosperous entirely from the 1970s to the 1990s while the economy was depressing continuously after that time and the American economy just on the contrary? And then Compares the Japanese company’s governance structure with American company’s in two respects of financing structure stockholders equity structure and capital hoping to find the correct answer. This Chapter offers concrete operation support to chapter five.Chapter four. The financial analysis of the governance structure of listed company in our country. This chapter analyses the governance structure from stockholders equity structure andcapital structure -two respects of financing structure -and points out weak points andsome problems that need to cope with urgently.Chapter five. The policies and recommendations of optimizing the structure of financing and promoting efficiency of managing. Basing on the chapter three and four, this chapter put forward the corresponding policies and recommendations. The whole chapter is still unfolded in stockholders equity structure and capital structure one by anther.更多还原