财务动态治理结构论纲

A Study on the Structure of Corporate Financial Dynamic Governance

以不完全契约中之完备部分与不完备部分为标准,财权可以划分为基于企业公平的"通用财权"范畴和基于企业效率的"剩余财权"范畴;在此基础上,财务治理可分解为基于企业公平的财务静态治理和基于企业效率的财务动态治理。财务动态治理结构强调财权配置的效率性,侧重关注剩余财权占主导的财权配置。财务动态治理结构主要体现为财务资本结构的调整、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。

Property rights can be classified into the conception of general property rights based on company fair or the conception of surplus property rights based on company efficiency according to the complete parts or incomplete parts in contracts.Then financial governance can be assorted into the stationary governance based on corporate fair and the dynamic governance based on corporate efficiency.Financial dynamic governance structure attaches great importance on efficiency of property rights allocation,especially focusing on surplus property rights allocation with superiority.Last but not least,financial dynamic governance structure mainly embodies adjustment and dynamic improvement of financial capital structure,including dynamic optimization of capital structure,stockholder＇s rights structure and creditor＇s rights structure.