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Is generally believed that the corporate finance can be divided into two parts, namely, the financial activities and handle financial relationships . A long time, people focus on the financial activities more fully and financial relationships are few and far between . It can be said that , until now , no theoretical circles into a system of financial relationships , but only scattered throughout other areas of the exposition . In fact, we recognize that the financial activities and financial relations between the sides of a coin : financial activities , they are bound to , or to establish or propulsion or to overthrow some kind of financial relationship ; adjust a financial relationship or establish a financial relationship sure as a means to some sort of financial activities . In this paper, the use of the economic theory of property rights , the theory of modern corporate governance , academic knowledge of the theory of capital structure , corporate finance , economic theory , stakeholder theory , financial activities brought the flow of property rights in enterprises as the core of the financial network for mainline , firmly grasp the core concept of \The article first reviews the financial nature of research in the absence of financial relationships , and demonstrate the \Next In this paper, the following three issues : property rights allocation system in the field of view of the financial relationship , we propose a new hierarchical combination with parallel split mode ; the traditional trinity mode of the Board - managers - financial manager and corporate financing body financial relations , property rights allocation status ; creditors outside of the traditional model of governance mechanisms , incomplete contracts and incomplete contracts under the protection of financial interests of the game . This article does not attempt to establish a theoretical framework , just to express their views on certain issues . China is in a critical period of deepening the reform of state-owned enterprises . The core of the reform of state-owned enterprises reform of property rights , in this article , we demonstrate a property rights is the core competence of the property rights , then , according to our ideas , in the reform of state-owned enterprises on the one hand to handle the financial relationship , we must also guide the healthy flow of property rights and the establishment of a new health, reasonable financial relationships . This is precisely the positive practical significance .
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