产权制度与财权配置--兼议公司财务治理中的难点与热点问题

文章通过对企业产权的再认识,重新界定了企业财产权属于"他物权"中"用益物权"的一种,是明显与"自物权--所有权"相分离的,公司中的财权在两个层面(自物权和他物权)上均有分布或配置.文中进一步阐述了财权的静态配置与资本结构的动态调整.认为:"财务治理结构"是一种静态的理解,具体表现为财权配置结构和利益关系.它是由两类财务治理主体、多维度的财务治理客体及一系列财务治理中的经济利益关系构成;而"财务治理"则是从动态上看,一方面表现为财权配置中的动态制衡和激励约束机制的形成,另一方面表现为新的债权人和投资人的加入--融资结构的形成以及对现有资本结构的调整和改善.文章第三部分专题讨论了当前在公司财务治理中的热点和难点问题,阐述了笔者关于独立董事、国企财务治理及财务总监制度的若干观点.

Equity System and Financial Power Allocation--A Tentative Look into the Hot and Difficult Points in Corporate Financial Governance

With the re-recognition of enterprise equity, this paper redefines that the enterprise equity belongs to one kind of "usufruct" in "'their' equity", and is obviously separate from the "self-equity--ownership", and the corporate financial power is distributed and allocated at both the levels (self-equity and their-equity). The paper expounds further the stagnant allocation of financial power and the financing structure-the dynamic readjustment of capital structure. It holds that "financial affairs structure" is a stagnant understanding and manifests specially the allocation structuring of financial power and the co-interested relation. And it also holds that, it consists of two types of financial administration subject, multi-dimensional financial administration object and a series of correlation of economic interests, which is a relatively temporary balance and stagnancy. Whereas the "financial administration" manifests, on the one hand, the balancing process of the financial power allocation and the forming of the mechanisms that provide incentives and restraints, and the incoming of new creditors and investors, i.e., on the other hand, the forming of financing structure and the readjustment and improvement of the existing capital structure. In the third part of the article, studied monographically are the hot and difficult points and put forward are some ideas on setting up the system of independent director, SOE financial put-in-order and financial inspector.