【作者】 韩娟玲；

【导师】 韩彦峰；

【作者基本信息】 西安建筑科技大学 ， 管理科学与工程， 2007， 硕士

【摘要】 在当今经济全球化、我国加入WTO及目前我国上市公司存在着诸多问题的经济背景下，公司的财务治理是国内外经济界和理论界比较关注和研究的热点问题，尤其对涉及众多股民利益的上市公司的财务治理模式更为关注。然而，从已有的研究结果来看，对公司治理的研究较多，而在上市公司的财务治理模式研究方面系统性不强。本文通过理论研究、系统分析研究和比较研究的方法，并通过案例分析对我国上市公司财务治理模式进行了深入研究。本文在文献资料收集和系统整理的基础上，对公司治理理论、委托—代理理论和契约理论等作了系统的阐述，并以此作为本文的经济学基础，对财务治理的涵义、主体、客体、目标、作用等进行了详细的论述，并对财务治理的相关概念进行了辨析。本文在深入调查和案例研究的基础上，分析了我国上市公司目前存在的一些特有问题，并结合目前对公司治理的分类所形成的两类财务治理模式，分析得出了我国上市公司财务治理模式的发展趋势。本文在分析了上市公司中股东和经营管理者以及债权人和股东之间的财务冲突产生的深层次问题的基础上，针对我国上市公司财务治理的客体的不同，提出了以解决出资者和经营者之间的财务冲突的财务激励的治理模式，并运用数学分析的方法提出了激励性报酬设计的数学模型；提出了以解决出资者(股东和债权人)之间财务冲突的财务监控的治理模式，在债务契约的规范性，债务结构，债券的设计等方面提出了治理措施。同时，笔者注意到现实中的财务冲突不是简单的单一方式，冲突往往是复杂的，相互交织和联系的，为解决这一问题，本文提出了以抓住主要矛盾，综合运用财务激励和财务监控为出发点的综合治理的财务治理模式：即以股东，经营管理者和债权人三方的利益的协调发展为主，并以激励与监督共存的财务治理模式，从而更有利于实现企业价值最大化。本文还在分析现状和进行深入的理论探讨之后，对我国上市公司的财务治理模式的创新也提出了一些建议和对策。更多还原

【Abstract】 Under the situation of economic globalization, china entering WTO and the listed company in china having some economic problems, the company’s financial governance is the hot topic which the domestic and foreign economies and the theory pays attention and studies, especially to involves the multitudinous investor benefit of the listed company’s financial governance pattern more to pay attention. However, the company governance has been more studied while the listed company’s financial governance pattern has not been systematically studied from the past findings. This paper researches the listed company’s financial governance pattern through the methods of fundamental researching, the system analysis studying and the comparison studying and the case analysis.Based on collecting and preparing the data, the corporate governance theory, the entrusts-agent theory and the contract theory are systematically elaborated and are taken as the economic base of the study in this paper. This paper has carried out detailed discussion on financial governance’s implication, subject, object, target, effect and so on and discriminated the concept of financial governance between the others. Then, this paper analyzes some special problems of the listed company in china, and analyzes the developing trend of the financial governance in our listed company combining with being similar to financial governance at present to two formed by the classification that the company governance.On the basis of the Deep-seated problem which produced by the conflicts between shareholder and manager and director and creditor, this paper brings up the inspiring financial governance which is to solve investor and manager according to the different object of the financial governance, and puts forward the mathematic model that excitation nature reward designs with governing; this paper has also suggested that with the pattern resolving paying the money governing that financial affairs conflict financial affairs monitors between investor( shareholder and creditor) and has suggested the governing measures in the respect of debt contract norm, debt structure and the bond design etc. At the same time, the author pays attention to that arriving at financial affairs conflict in reality is not simple unitary way, conflict sometimes is complicated, mutuality interweaves and gets in touch with, in order to solve this problem, this paper has been submitted to single out and tackle the principal contradiction, the financial affairs applying the financial affairs excitation and financial affairs to monitor the comprehensive treatment being starting point synthetically governs a pattern: And the coordinated growth being the director who uses a shareholder , manages and trilateral benefit of creditor gives first place to, govern a pattern , thereby more beneficial to realizing enterprise value maximizes with the financial affairs stimulating and superintending a coexistence. After the main body of a book being discussed as early as analyzing current situation and carrying out thorough theory, FOAK governing a pattern has also brought forward a little suggestion and countermeasure to our country listed company financial affairs.更多还原