【作者】 张荣武；

【导师】 伍中信；

【作者基本信息】 湖南大学 ， 会计学， 2007， 博士

【摘要】 财务治理是公司财务与公司治理交叉渗透的产物，肩负着公司财务与公司治理赋予的双重使命，成为目前学术界和实务界关注的焦点问题。萌芽于西方理论界并在我国得以明确提出和逐步深化的财务治理理论研究，正沿着“财权流理论”这盏“指示灯”正确前行。但遗憾的是，迄今为止对财务治理问题的研究远未成熟，诸如财务治理效率等深层次的理论研究十分匮乏。然而，效率是经济学和管理学研究的核心与主线，财务治理效率是财务治理的根本目标，没有对效率的深入考量，就不可能有财务治理理论的真正成熟。因此，若要深化公司财务治理问题的研究，效率问题就是绕不过的坎。响应理论界和实务界对“财务治理效率”问题深入研究的诉求，构成本文选题的基本背景和原动力。本文综合运用经济学、管理学、法学等相关理论，以“契约理论”和“财权流理论”为学术硬核，以财务治理环境、财务治理结构、财务治理机制为明线，以“财务治理效率”为暗线，对财务治理效率问题展开了深入系统的研究。全文共六章。第1章，导论。在对选题背景、意义、基本约定、国内外公司治理及其效率和财务治理及其效率问题的研究成果进行简要回顾后，说明本文的研究框架与主要创新。第2章，财务治理效率理论基础。在分别介绍企业契约理论、财权流理论、激励机制理论和博弈论之后，结合研究主题，阐述了上述理论基础与财务治理效率的逻辑关系。第3章，财务治理效率论说的逻辑框架。首先，对效率内涵进行了界定；其次，提出并论证了财务治理效率论说；最后，构建了由财务治理环境、财务治理结构、财务治理机制组成的效率释放的互动框架，并将其与财务治理效率共同嵌入财务治理体系，进而形成一个涵盖财务治理环境、财务治理结构、财务治理机制、财务治理效率四大板块的财务治理体系。第4章，上市公司财务治理环境与治理效率研究。财务治理环境是财务治理体系效率释放的基石。本章分别论证了政府行为、法律制度、产权保护、市场化水平、信用体系、契约文化与财务治理效率之间的逻辑关系。第5章，上市公司财务治理结构与治理效率研究。财务治理结构是财务治理体系效率释放的基础与内核。本章将“财务治理结构”又细分为两个部分：一是财务资本结构；二是财务组织结构。对于财务资本结构而言，本文分别系统阐述了资本结构(狭义)、股权结构、负债结构与财务治理效率之间的关系；而对于财务组织结构而言，本文则分别深入剖析了股东大会(控股股东)、董事会、监事会、经理层与财务治理效率之间的逻辑关系。第6章，上市公司财务治理机制与治理效率研究。财务治理机制是财务治理体系效率释放的引擎。首先阐述财务战略决策机制、财务激励创新机制、财务监督制衡机制与财务治理效率的关系，这三大机制是财务治理机制体系的核心机制。但是，仅有核心机制还不能满足需要，为此，本文建构了利益相关者共同治理与相机治理耦合机制，作为动态协调机制，为前三大机制服务。由于各种财务治理机制的运作需要信息，也由于财务治理产生的原因之一就是信息不对称，因此，本文又提出财务信息披露机制，使之在财务治理机制体系中发挥“后勤保障”作用。本文的主要创新之处在于：1．首次提出并论证了“财务治理效率论说”。基于企业契约理论，本文认为，公司的本质(性质)是物质资本所有者、人力资本所有者和社会资本所有者之间缔约形成的合作收益大于合作成本的契约联结体；公司契约的本质是公司产权契约；公司产权契约的核心是公司财权契约，公司财权契约的学术硬核是财权；财权契约不完备与代理问题的存在导致财务治理问题的产生；财务治理是公司治理的核心，财务治理的本质是剩余财权(剩余财务索取权与剩余财务控制权)配置；财务治理的根本目标是借助于剩余财权配置，通过由财务治理环境、财务治理结构与财务治理机制共同组成的效率释放互动框架，实现财务治理效率最大化；财务治理效率最大化的核心是剩余财务索取权与剩余财务控制权对应，即剩余财权配置效率最大化；财务治理效率最大化的基本衡量标准是财务治理收益与财务治理成本对比；财务治理收益是指财务治理主体效用或共同剩余总和；财务治理成本包括财务治理主体交易成本、第一类代理成本、第二类代理成本、财务治理结构组织成本、市场治理成本、服从成本、政府治理成本以及制度摩擦成本等。2．明确界定了财务治理、财务治理主体、财务治理客体。本文认为，财务治理是指在股东主导的利益相关者共同治理的基础上，通过财权合理配置和财务冲突协调，形成财务治理结构、财务治理机制与财务治理环境良性互动，实现财务决策科学化和财务治理效率最大化的制度安排。财务治理主体可以从狭义和广义两个角度来理解。狭义上的财务治理主体是有资格有能力对财权合理配置和财务冲突协调、财务决策科学化和财务治理效率最大化具有重要影响的机构、法人和个体，主要包括股东大会、董事会、监事会、经理层、股东、债权人、雇员。广义的财务治理主体除狭义的财务治理主体之外，还包括顾客、供应商、政府和社区等社会资本提供者。财务治理客体也可以从广义和狭义两个方面来理解。广义的财务治理客体是指“财权”，狭义的财务治理客体特指“财权”中的“权力”。虽然“财权”包括通用财权和剩余财权两个方面，“权力”也包括通用财权中的“权力”和剩余财权中的“权力”，但广义财务治理客体的核心是指剩余财权，狭义财务治理客体的核心则是剩余财权中的“权力”。3．重新定义并深化了“财务机制”的内涵。所谓“财务机制”是指财务体系内各子系统、各要素之间相互关联、相互制约的作用过程，以及由此决定的财务体系内在的本质的调节形式、方式方法和手段的运行规律。它包括以下几层含义：(1)财务机制是一个动态人造系统，按照一定的规律自动发生作用并导致一定的财务经济结果；(2)财务机制既不是最终结果，也不是初始原因，它是把财务期望转化为财务行为、原因转化为结果的一种中介；(3)财务机制制约并决定着财务功能的发挥，在一定的财务体系中，财务机制是客观存在的，它所反映的是财务内在的、本质的作用方式和规律，是财务体系各组成要素之间相互作用的动态关系；(4)财务机制的优劣是以其作用于财务体系而导致的机能强弱来评价的；(5)财务机制主要由财务决策机制、财务激励机制和财务监督机制构成，其中，决策机制是“方向盘”，激励机制是“发动机”，监督机制是“刹车”，三者共同呵护财务机制体系的健康运行。4．构建了“利益相关者共同治理与相机治理耦合机制”并解构其效率释放机理。本文认为，财务治理效率的核心是剩余财务索取权与剩余财务控制权对称；共同治理机制体现了常态下利益相关者之间为实现公司财务治理效率最大化而进行的合作，而相机治理机制则是在特殊情况下客观面对利益相关者财务冲突的基础上，保证这一合作状态持续稳定的机制；共同治理与相机治理耦合机制是利益相关者在常态和异态下尽可能长期合作的有力保障和公司财务治理效率释放的源泉。5．打造了一个全新的效率导向的财务治理体系。主要包括以下几层涵义：(1)财务治理环境是基石，财务治理结构是基础和内核，财务治理机制是引擎，财务治理效率是根本目标；(2)财务治理环境、财务治理结构、财务治理机制与财务治理效率四者共同构成财务治理体系，在财务治理体系中是一种上下游关系；(3)财务治理环境、财务治理结构与财务治理机制均包含效率释放问题，三者形成上下游关系，组成一个效率释放的良性互动框架，是财务治理效率产生的源泉；(4)财务治理效率在财务治理理论研究中处于后续理论研究的位置，是财务治理的根本目标，起着方向与指引的作用。更多还原

【Abstract】 Financial governance, the product of corporate finance and corporate governance, has double missions, is becoming the highlight of the practical and the academic field. The theory of the financial governance, which originated from the western theory and developed in our country, is advancing towards the theory of "financial rights flow". However the research is far from maturity, for example, the deep level fundamental research such as financial governance efficiency is extremely deficient. While the efficiency is the core of economics and management, and financial governance efficiency is the fundamental goal of financial governance. To some sense, without the deep study of the efficiency, it is impossible to have the financial governance theory really mature. Therefore, in order to deepen corporate financial governance issues, the question of efficiency is very significant, and can’t be neglected. So it is the answer to the demand of "financial governance efficiency" study that forms the basic fundamental background and incentive of this text.In this paper, economics, management, law and other related theories are used comprehensively. "Contract theory" and "financial rights flow theory" are considered as the academic core, and systematic research is conducted through the bright line of financial governance environment, financial governance structure, financial governance mechanisms, as well as the dark line of "financial governance efficiency".It has six chapters. Chapter 1 is introduction. After a brief description of backgrounds, meanings of the topic and basic agreements, and a review of research results already on corporate governance, financial governance and the efficiency of both in and out. This chapter demonstrates the reseach framework and the main innovations. Chapter 2 is the theoretical bases of financial governance efficiency. After introducing the contract theory of the firm, the financial rights flow theory, the theory of incentive mechanisms and game theory, the logical relationship between theoretical bases above and financial governance efficiency is discussed. Chapter 3 is the logical framework of financial governance efficiency. Firstly, the content of "efficiency" is defined. Secondly, the theory of financial governance efficiency is put forward and proved. Last but not least, financial governance system is composed of financial governance environment, financial governance structure and financial governance mechanism, which constructs an interactive framework for releasing efficiency. Chapter 4, the research is going on the listed company’s financial governance environment and governance efficiency. Financial governance environment is a cornerstone for the release of the efficiency of financial governance system. This chapter discusses the logical relationship between the government behavior, the legal system, the property rights protection, the level of the market, the credit system, the contract culture and the financial governance efficiency. Chapter 5 is about the listed company’s financial governance structure and governance efficiency. In this part, "financial governance structure" is divided into two parts: the financial capital structure and the financial organization structure. As to the financial capital structure, the paper systematically expounds on the relationship between the capital structure, the ownership structure, the debt structure and the financial governance efficiency. As to financial organization structure, this paper deeply analyzes the logical relationship between the general meeting of shareholders (the controlling shareholder), the board, the supervisors, the managers and the financial governance efficiency. Chapter 6 is about the listed company’s financial governance mechanism and governance efficiency. Financial governance mechanism is the engine of releasing efficiency of financial governance system. First of all, the relationship between the financial governance efficiency and the financial mechanism for making strategic decisions, financial mechanism for encouraging innovation, financial mechanism for checks and balances is discussed; meanwhile, the latter three constitute the core mechanisms of financial governance system. However, only the core mechanisms are unable to meet the demands. Thus, this paper constructs a jointly governance mechanism as a dynamic coordination mechanism in order to serve the three mechanisms mentioned above. Then, because of the need of information in the operation of various financial governance mechanisms and information asymmetry, it is also proposed the mechanism for the disclosure of financial information.The followings are the main innovations of the paper:1．This paper introduces and demonstrates "financial governance efficiency" firstly. Based on the enterprise contract theory, the author argues that the nature of the enterprise is a cooperated contracting form of material capital owners, human capital owners and social capital owners, whose benefits are bigger than costs. The essence of corporate contracts is property rights contracts, whose core is financial rights contracts. "Financial rights" is the academic core of financial rights contracts. Incomplete financial rights contracts and agency problems lead to the existence of financial governance problems. The essence of financial governance is residual financial rights allocation (residual financial claim rights and control rights). The fundamental objective is maximizing residual financial rights through financial governance environment, financial governance structure and financial governance mechanisms, consisting of an interactive framework for releasing efficiency in direction of residual financial rights allocation. The core of maximizing financial governance efficiency is matching residual financial claim rights with control rights, in other words, maximizing the efficiency of residual financial rights allocation. The measuring standard is the comparison between financial governance revenues and costs. Financial governance revenue is the total of financial governance entity’s utility and common surplus. And the costs contain transaction costs of financial governance body, the first-type agency costs, the second-type agency costs, organization costs of governance structure, governance costs of market, compliance costs, governance costs of government, costs of institutional friction.2．The paper defines financial governance, financial governance entity and financial governance object clearly. It believes that financial governance is the systematic arrangement, which is on the basis of stakeholders governance dominated by shareholders, and through rational allocation of financial rights and coordination of financial conflicts to form a good interacting among financial governance structure, financial governance mechanism and financial governance environment aiming at achieving financial decision-making scientifically and maximizing financial governance efficiency . Financial governance entity can be understood from narrow and broad respectively. Narrowly, financial governance entity refers to the institutions, corporations and individuals, who have abilities of rational financial rights allocation and coordination of financial conflicts, scientific financial decision-making and maximizing financial governance efficiency, mainly including general meetings, board of supervisors, managers, shareholders, creditors and employees. While broadly, it includes customers, suppliers, government, community and so on, all of which are social capital providers. Financial governance object can also be understood in two ways. The broad financial governance object refers to "financial rights", and narrow one specifically refers to powers of "financial rights". Although "financial rights" include general financial rights and residual financial rights, powers include the same two, the core of broad financial governance object is residual financial rights and the narrow one is only the powers.3．The paper redefines and deepens the meanings of "financial mechanism" clearly. "Financial mechanism" refers to the process in which the subsystems as well as the elements are interconnected, mutually restrained, and its determined rules of the adjusting form, methods and means to the inherent nature of financial system. It includes the following meanings: (1) Financial mechanism is a dynamic man-made system which works automatically according to some certain rules and leads to a financial economic result; (2) Financial mechanism is not the end, nor the initial reason, it is the intermediary converting financial expectation into financial behavior, the reasons into results; (3) Financial mechanism constraints and determines the running of financial function. In certain financial system, financial mechanism exists objectively , it is a reflection of the inherent and essential mode of action and rule of financial, also it is the dynamic relationship of the interaction between elements in the system; (4) the goodness or badness of financial mechanism is evaluated by the strength or weakness of function resulted from the role which financial mechanism plays on financial system ; (5) Financial mechanism is mainly composed of financial decision-making mechanism, financial incentive mechanism and financial supervise mechanism, and in which decision-making mechanism is "steering wheel", incentive mechanism is the "engine", supervise mechanism is the "brake", they keep financial mechanical system running healthily.4．The paper constructs "integrated governance mechanism of stakeholders and contingent governance coordination mechanism" and decomposing the mechanism efficiency releasing. The core of financial governance efficiency is the symmetry of residual claim rights and residual financial control rights; integrated governance mechanism reflects cooperation among stakeholders in order to maximize the financial governance efficiency under norm station, while contingent governance coordination mechanism is a mechanism to promise a stable and continues cooperation among stakeholders facing a financial conflicts objectively under some special circumstances; integrated governance mechanism and contingent governance coordination mechanism is an effective protection for a possibly long-term cooperation among stakeholders under normal or abnormal state, and is the source for financial efficiency releasing.5．This paper builds a new efficiency-oriented financial governance system. It mainly includes the following means: (1) Financial environment is the foundation of governance, financial governance structure is the foundation and core, financial governance system is the engine, financial governance efficiency is the fundamental objective; (2) Financial governance environment, financial governance structure, financial governance mechanism and financial governance efficiency together constitute financial governance system, and they form a downstream relation in the financial governance system; (3) The financial governance environment, financial governance structure and financial governance mechanism all include efficiency releasing, and form a downstream relation, so it becomes a good interaction framework in which efficiency can release freely, and it is the source of financial governance efficiency; (4) The research on financial governance efficiency is the follow-up theoretical research in financial governance research, and it is the fundamental objective of financial governance, which works as the direction and the guidance.更多还原