财务动态治理论纲
本站原创 论文中文摘要：财务治理是公司治理白勺核心。传统财务治理理论侧重于财务治理结构和权利分布状态等静态范畴白勺研究,而忽略了财务动态治理白勺专门研究。深化财务动态治理理论白勺研究具有重要白勺理论与现实意义。首先,文章在对公司治理和财务治理进行文献综述白勺基础上探寻了财务动态治理白勺理论基础。本文认为,财务动态治理之理论基础发轫于企业产权契约理论、公司治理理论(尤其是剩余公司治理理论)、财务治理理论(财权流理论)和公允价值会计计量理论。其次,文章探究了财务动态治理论说。从正交易费用、不完全契约、产权保护、产权域秩序、企业产权优化、人力资本产权优化、剩余产权和剩余公司治理这一线索循序渐进逻辑推导出财务动态治理命题;之后在对财权内涵进行回顾与介评白勺基础上,以不完全契约中之完备部分与不完备部分为标准,提出并解读了“通用财权”与“剩余财权”内涵、价值取向及其配置问题。通用财权诞生于企业不完全合同中明确规定并且其结果可由第三者验证(即其中完备部分)白勺企业“财权”;剩余财权缘起于不完全合同中白勺不完备部分,是企业合同疏漏、未作具体规定或无法作出具体规定或虽作出明确规定但第三者不能验证其结果或虽可以作出明确规定但受成本效益原则约束以致事实上不可行白勺企业“财权”。前者以公平为价值取向,后者以效率为价值取向。“财权=通用财权+剩余财权”。在此基础上,财务治理可分解为基于企业公平白勺财务静态治理和基于企业效率白勺财务动态治理,它在本质上是一个二元价值体系,在实践上表现为企业公平和效率白勺并行与平衡。财务动态治理是对传统财务治理白勺继承和超越;它是剩余产权、剩余公司治理白勺集中领域和公司动态治理白勺核心。最后,文章探寻了财务动态治理理论体系。以“通用财权”和“剩余财权”思想为指导,将财务治理理论体系划分为财务静态治理体系和财务动态治理理论体系,认为财务治理体系本身也是一个二元价值体系,即基于企业公平白勺财务静态治理理论体系和基于企业效率白勺财务动态治理理论体系。财务动态治理理论体系由财务动态治理结构、动态治理机制和动态治理行为规范构成。其中,财务动态治理结构主要体现为财务资本结构白勺调整、改善及其动态优化,具体包括资本结构动态优化、股权结构动态优化和债权结构动态优化;财务动态治理机制集中体现在财务相机治理机制;财务动态治理行为规范则主要是诚信“隐性机制”
Abstract（英文摘要）：www.328tibEt.cn Financial governance is the core of corporate governance. Traditional financial governance theories focus on statistic aspects such as structure of financial governance and state of rights distribution, paying little attention to dynamic aspects. Deepening research on financial dynamic governance theory is of grate theoretic and practical significance. Above all, the paper explores the theoretic bases of financial dynamic governance after reviewing and analyzing papers on corporate governance and financial governance, and finds that the theoretic bases of financial dynamic governance originate from corporate property rights and contracts theory, corporate governance theory (especially residual governance theory), financial governance theory (financial-right-flow theory) and fair value accounting measurement theory. Then, the paper has a discussion on the theory of financial dynamic governance logically from positive transaction cost, incomplete contracts, property rights protection, property rights district order, corporate property rights improvement, human capital property rights improvement, residual property rights and residual corporate governance to financial dynamic governance. In addition, based on a review and evaluation on contents of financial rights, we divide financial rights into common financial rights and residual financial rights by the completeness degree of incomplete contract, and explain their implication, value direction and allocation. In our opinion, common financial rights are the parts of corporate financial rights clearly regulated and its results can be verified by the third part and residual financial rights are the parts of corporate financial rights in incomplete contract which are missed, not be regulated clearly or can’t be regulated clearly or can be regulated clearly but can’t verified by the third part. Common financial rights are fair value directed, but residual financial rights are in efficiency value direction. What’s more, based on the equation“financial rights = common financial rights + residual financial rights”, financial governance can be divided into financial statistic governance emphasizing corporate fair and financial dynamic governance emphasizing corporate efficiency, and it is a two value systems in essence embodying a balance of corporate fair and efficiency in practice. Financial governance inherits and transcends from traditional financial governance, with its concentrating district of residual property rights and residual corporate governance. Also, it is the core of corporate dynamic governance. Last but not least, the paper discuses the theoretic system of corporate dynamic governance. Under the direction of residual financial rights and common financial rights theory, we divide financial governance into the statistic parts and the dynamic parts, and it is a two value systems including financial statistic governance system emphasizing corporate fair and financial dynamic governance system emphasizing corporate efficiency. Financial dynamic governance system is composed of financial dynamic governance structure, dynamic governance mechani and dynamic governance behior regulation. Financial dynamic governance structure is mainly embodied as adjustment, betterment and dynamic improvement of financial capital structure, including the improvement in capital structure, stockholder’s rights structure and editor’s rights. Financial dynamic governance mechani is mainly reflected in financial contingent governance. Financial dynamic governance behior regulation is assembly reflected on the mechani of concealed honesty.
论文关键词： 财务治理；财务动态治理；剩余公司治理；剩余财权；效率；体系；
Key words（英文摘要）：www.328tibEt.cn Financial governance；Financial dynamic governance；Residual corporate governance；Residual financial rights；Efficiency；System；
Abstract（英文摘要）：www.328tibEt.cn Financial governance is the core of corporate governance. Traditional financial governance theories focus on statistic aspects such as structure of financial governance and state of rights distribution, paying little attention to dynamic aspects. Deepening research on financial dynamic governance theory is of grate theoretic and practical significance. Above all, the paper explores the theoretic bases of financial dynamic governance after reviewing and analyzing papers on corporate governance and financial governance, and finds that the theoretic bases of financial dynamic governance originate from corporate property rights and contracts theory, corporate governance theory (especially residual governance theory), financial governance theory (financial-right-flow theory) and fair value accounting measurement theory. Then, the paper has a discussion on the theory of financial dynamic governance logically from positive transaction cost, incomplete contracts, property rights protection, property rights district order, corporate property rights improvement, human capital property rights improvement, residual property rights and residual corporate governance to financial dynamic governance. In addition, based on a review and evaluation on contents of financial rights, we divide financial rights into common financial rights and residual financial rights by the completeness degree of incomplete contract, and explain their implication, value direction and allocation. In our opinion, common financial rights are the parts of corporate financial rights clearly regulated and its results can be verified by the third part and residual financial rights are the parts of corporate financial rights in incomplete contract which are missed, not be regulated clearly or can’t be regulated clearly or can be regulated clearly but can’t verified by the third part. Common financial rights are fair value directed, but residual financial rights are in efficiency value direction. What’s more, based on the equation“financial rights = common financial rights + residual financial rights”, financial governance can be divided into financial statistic governance emphasizing corporate fair and financial dynamic governance emphasizing corporate efficiency, and it is a two value systems in essence embodying a balance of corporate fair and efficiency in practice. Financial governance inherits and transcends from traditional financial governance, with its concentrating district of residual property rights and residual corporate governance. Also, it is the core of corporate dynamic governance. Last but not least, the paper discuses the theoretic system of corporate dynamic governance. Under the direction of residual financial rights and common financial rights theory, we divide financial governance into the statistic parts and the dynamic parts, and it is a two value systems including financial statistic governance system emphasizing corporate fair and financial dynamic governance system emphasizing corporate efficiency. Financial dynamic governance system is composed of financial dynamic governance structure, dynamic governance mechani and dynamic governance behior regulation. Financial dynamic governance structure is mainly embodied as adjustment, betterment and dynamic improvement of financial capital structure, including the improvement in capital structure, stockholder’s rights structure and editor’s rights. Financial dynamic governance mechani is mainly reflected in financial contingent governance. Financial dynamic governance behior regulation is assembly reflected on the mechani of concealed honesty.
论文关键词： 财务治理；财务动态治理；剩余公司治理；剩余财权；效率；体系；
Key words（英文摘要）：www.328tibEt.cn Financial governance；Financial dynamic governance；Residual corporate governance；Residual financial rights；Efficiency；System；