Based on the theory of stakeholders reflecting the intrinsic demand of modern market economy, the authors established corporation financial common governance mechanism. The "shareholders coming first" logic, followed by financial governance mechanism of Chinese listed companies, contributes to the lack of efficiency on financial decision-making and financial supervision. In order to get rid of the "shareholders coming first" logic, according to stakeholders theory,the paper established the common governance mechanism, including common financial earnings sharing mechanism, common financial decision-making mechanism and common financial supervision mechanism.