财务治理效率论纲

A Study on the Framework of Financial Governance Efficiency

效率是经济学和管理学研究的核心与主线。在将公司本质界定为利益相关者产权契约联结体的基础上,推演出财务治理效率论说,其核心思想包括:公司产权契约的核心是公司财权契约;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;财务治理的本质是剩余财权配置,根本目标是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,基本衡量标准是财务治理收益与财务治理成本对比。

Efficiency is the core and mainline of economics and management. Based on the nature of the enterprise is regarded as a nexus for a set of property rights contracts of stakeholders, it deduces financial governance efficiency theory. The main ideas of this theory include ： the core of enterprise property rights contracts are 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 and the fundamental objective of financial governance is maximizing its efficien- cy. The core of maximizing financial governance efficiency is matching residual financial claim rights with control rights, and its measuring standard is the comparison between financial governance revenues and costs.