The paper 2nd chapter starts with the relation between the option of the firm financial goal and governance mechanism arrangement , explains that the optimum governance mechanism arrangement can achieve firm value maximum and also guarantee the residual income maximum of the firm achieved 本文首先从企业财务目标选择与治理机制安排的关系入手，说明了最优的治理机制安排在实现企业价值最大化的同时，也能保证企业的剩余收益最大化得以实现。
The behave and harm of insider control in state enterprise is discussed . the reason of insider control is analysed , me chain of consign and the lack of proprietor the unmatching of residual control and proceeds ; the deficiency of inspiring with manager ; the disfigurement of supervision and restriction etc are the reasons of insider control . the advice of controlling insider control is discussed from the angle of game theory , and think that big shareholders of enterprise have more power to supervise operator . in order to settle the question of insider control , the bestiring and inhibiting of manager should be consolidated . the superiority of employees in enterprise is emphasized in controlling insider control . the paper puts forward a new model to measure intrinsic value of human capital of manager , the compenhensive valuation metrix to decide the efficenncy of management and performance adjustment of human capital of manager 这是本文研究的意义所在。本文论述了我国国有企业内部人控制问题的表现和危害，比较了我国国有企业与国外企业的内部人控制问题的差异及特点。在分析委托代理链冗长及所有者缺位、经营者剩余控制权和剩余收益权不匹配、对公司经理人员的激励严重不足、监督约束机制不健全等是形成国有企业内部人控制的主要原因的基础上，从博弈论的角度探讨控制内部人控制问题的政策建议，认为股权集中的大股东有更强的动力去监督目标公司，解决内部人控制问题在于强化对经理人员的约束、激励。
Therefore , in the paper we choose the residual income maximum of the firm instead of the firm value maximum , and can prove that the residual income of the firm is subordinate to the firm value maximum . based on that , we bring some results of governance theory into the study of finance fields as well as analyze how to arrange the governance mechanism of the firm and ensure to achieve the financial goal of the firm 鉴于此，本文提出以企业剩余收益最大化作为财务目标，并论证了在一套有效的治理机制的保证下它能统一于企业价值最大化，并在此基础上将治理理论的一些研究成果引入到财务学研究中来，探讨企业的治理机制是如何安排以保证企业的财务目标得以实现。
The research on the capital structure is one of the hot issues in the international financial theory fields , but also one of the most controversial issues in finance . as the continuous the perfection of china ' s capital market mechanism and the deepening of financing system reform , the chinese listed companies will have more financing channels to select . the financing structure of listed company presents the multifactor phase . at this time , it is especially important to research the financing behavior and the foundations of decision of china ' s companies . capital structure will influence the distribution of corporate surplus returns , the corporate surplus control power and the corporate managing structure , and finally the value of the company 随着中国投融资体制改革深化和资本市场机制不断完善,中国上市公司将有更多的融资渠道可以选择,公司融资结构呈现出多元化的局面。此时,研究中国公司的融资行为以及决策依据显得特别重要。因为公司融资结构决策会影响到公司剩余收益的分配、公司剩余控制权以及公司治理结构,最后会影响到公司价值。
Being based upon the modern economy ' s new characteristic , through the analyzing of the traditional theory about the distribution of the residual control rights and residual claim of the firm , this paper discusses the residual control rights " distribution among the providers of the firm capital . then , the paper analyses the theoretical foundation , mode and nature of human capital participating in the distribution of the residual returns 本文立足于当代社会经济的新特点，通过对传统的企业剩余控制权分布和剩余收益分配理论的剖析，探讨新的知识经济条件下企业的剩余控制权在不同资本提供者之间的分布特点，并以此为基础，分析人力资本参与企业剩余收益分配的理论基础及其方式和特点。
Eva has also amassed considerable attention in china as a brand new alternative to business performance evaluation measure and an important device for external investment decision - making purposes . this study attempted to enlarge the application scope of eva to be the uniform objective of main functions of financial management system . and after applying eva in an enterprise , the information of total capital cost , which is very useful for informed investors , especially stockholders should consequently be presented through the financial statements 本文首先探讨了eva产生的理论渊源， eva与剩余收益( ri )和企业价值之间的密切联系，然后分析了eva的特征和属性以及在财务管理中的作用；通过分析财务管理目标的研究现状，指出企业财务管理以“企业价值最大化”作为总体目标是可行的，但企业的价值不容易计量， “企业价值最大化”的总体目标可操作性不强，继而提出并论证了基于eva的属性，以eva作为财务管理各具体职能的统一目标的可行性。
The thesis defines the concept of asset securitization , expounds characteristic and the condition to use . analyses the relationship between the choice of financing tool and the firm value , express max firm value is a good standard to weigh the tool . then , through the ri model and finance theory , the thesis explains the motivations of asset securitization , demonstrates the influence effect on firm value by qualitative and quantitative analysis of cost - benefit of corporate asset securitization , and discusses the role of asset securitization to solve corporate financing puzzle and the future of asset securitization in our country 本文首先提出我国企业面临的融资困境的实质是企业资本结构的不合理以及融资渠道单一影响的,即融资工具不能实现企业价值最大化;在对资产证券化的概念进行界定后,阐述了关于资产证券化的特征,明确了资产证券化的特点和使用条件;分析了资产证券化工具的选择与企业价值之间的关系,提出了企业价值最大化是衡量企业融资工具选择是否合理的标准,为企业通过资产证券化融资提升企业价值提供了理论准备;然后,运用现代财务理论和剩余收益模型,通过对我国企业资产证券化的实践进行成本收益的定性和定量的效果分析,论证企业资产证券化对企业价值的影响效果;最后论述了我国实施资产证券化的现状和未来发展,并且对我国实施资产证券化的具体方式提出了新的构想。
Its core theory is consisted with the rational attention on the shareholder ' s value , that is , managers and ordinary clerks , beside shareholders , should have the right to get into the distribution of retained profits . it is needed to point out that this distribution is used for prompting not holding the cor poration 其核心就在于对股东价值观的理性关注，也就是说除了股东，经理以及普通员工都应该在不同程度上分享公司的剩余收益，需要指出的是：这种分享并不是以控股为目的，在更大的程度上是出于激励的需要。
At the same time , have a foothold somewhere to the actual situation that our country business developed , the present situation distributing to the human capital participation remainder profit in our country business distinguishing feature along with the being problem is probed into , moreover is living proposes the relevant countermove on this base , do one ' s best to the practice somewhat advantage 借鉴国外的人力资本价值计量模型，解决我国企业人力资本参与企业收益分配的量化问题。同时，立足于我国企业发展的实际情况，对我国企业中人力资本参与剩余收益分配的现状、特点以及存在的问题进行探讨，并在此基础上提出相应的对策，力求对实践有所裨益。
It implies the probability of solving the fundamental problem of accounting through the illustration of correlation among accounting objectives , information characteristics and measurement attributes and the intrinsic relation between eva ( a measurement of performance ) and residual income valuation ( an equity valuation method ) . accounting standard setting is the core of the thesis , and it is the main method used present all over the world to solve the fundamental problem of accounting as well 为寻求会计基本问题的可行解，我们探讨了会计目标、信息质量特征和计量属性之间的交叉相关性以及eva (一种业绩衡量方法)和剩余收益估价(一种权益估价方法)的内在联系，这种交叉相关性和内在联系预示了解决会计基本问题的可能性。
