【作者】 夏勇；

【导师】 杨成炎；

【作者基本信息】 长沙理工大学 ， 会计学， 2004， 硕士

【摘要】 上市公司财务治理结构的研究可以简要地概括为三个问题:①公司的财务权力应该由谁来掌握和实际上由谁掌握;②公司的财务权力在各财务利益相关者之间的分配比例;③公司财务利益相关者怎么行使其掌握的财务权力。这里的财务权力是公司产权在财产价值形态上的表现形式,体现了人与人之间相对于财产价值的行为关系。因此,财务治理结构作为公司治理结构最核心、最本质的组成部分,是对公司财务关系的优化配置。它具体包括以下两个方面的内容: (1)财务权力的分配机制。本文指出上市公司财务治理结构所配置的财务权力是“剩余财权”,其本质是“剩余财权”的契约制度。所谓剩余财权就是指公司产权中有关于财产价值形态的权力束在公司财务契约中没有规定的那部分内容,包括剩余财务控制权和剩余财务索取权。剩余财权是一种状态依存权,在股东、经营者、财务经理和债权人等财务利益相关者之间的分配,体现了“财务风险的制造者”和“财务风险的承担者”之间的对应,即剩余财务控制权和剩余财务索取权的对应。在确定剩余财权分配对象的前提条件下,资本结构(包括股权结构和债权结构)作为一种公司资本构成的比例关系,决定剩余财权在各财务利益相关者之间(股东之间、债权之间等等)的分配比例,是财务治理结构安排的基础。 (2)财务权力的行使机制。它包括三个层次的内容:一是股东层次,即股东剩余财权行使机制,包括股东大会、董事会和监事会的组织结构和功能的设定等等;二是经营者剩余财权的行使机制,包括股东—经营者委托代理机制在剩余财权的设定,对经营者的财务激励约束机制;三是财务经理层次,包括经营者—财务经理委托代理机制在剩余财权的设定及其对财务经理的财务激励约束机制。 本文以“提出问题—基础理论概述—解决问题—实务运用”为研究的思路,具体结构安排如下:第一章的内容主要包括我国上市公司财务治理结构研究的背景、问题、意义和现状;第二章概括的论述了与财务治理结构相关的理论,包括现代公司理论、公司治理理论、和财务层次关系理论;第三章提出了“剩余财权”,并重新描述了财务治理结构的本质;第四章则针对我国出现的主要的财务治理问题,提出几个具体的改进思路,并最终初步建立财务治理框架;第五章以“银广厦事件”为背景,分析了其背后隐含的财务治理结构的缺陷,并指出了其对我国上市公司财务治理结构改革的启示。更多还原

【Abstract】 The research on Financial Governance of Listed Company can be summarized as three questions briefly: Ⅰ . Who should grasp financial power of company and who does in fact; Ⅱ. Allocation proportion between the persons who are correlated with all financial interests of power of the company; Ⅲ. How do the persons who are correlated with all financial interests of power of the company exercise his financial power of company. The financial power is regarded as a kind of form of company’s property right, not only is it defined as one kind of the power on the form of value of the property, but also should it be regarded as the norm of implying the behavior relation on the value of the property. Therefore, financial governance as the most crucial ,most essential component in corporate governance is the rational distribution of company’s financial relation. It includes the content of two following respects concretely:(1) Distribution of financial power. This thesis points out that the financial power that Financial Governance of Listed Company disposes is " residual financial rights ", and the essence of Financial Governance is a contract system of " residual financial rights ". The residual financial rights is to mean the financial power not stipulated in company’s financial contract, including residual rights of financial control and residual claimancy for financial interests. The residual financial rights which is a state-contingent ownership is distributed among the persons who are correlated with corporate financial interests, such as shareholders, operators, financial managers, creditors etc, and its distribution reflect that " financial risk-maker " is corresponding to " financial risk-taker ", namely residual rights of financial control are corresponding to residual claimancy for financial interests. Under confirming the target that residual power of property assigns, Capital structure (including stock-rights structure and creditor’s rights structure) as a kind of proportionate relationship on the corporate capital, is the foundation of Financial Governance.(2) Enforcement of financial power. This is a frame on enforcing the residual power of property, and it includes the contents of three levels: First, share-holders’ exercise mechanism on residual financial rights, including Shareholders’ Meeting, institutional framework and settlement of the function of board of Boards of Directors, etc; Second, operators’ enforcement mechanism on residual financial rights, including the agency by agreement mechanism between shareholder and operators; Third, the agency by agreement mechanism between operators and financial managers.The thought of this text is " proposing the problem -- summarizing basic theory更多还原