Capital Structure And Corporate Governance Of Listed Companies

In our country, as a comparatively important problem in modern enterprise system梩he listed companies' corporate governance, is paid close attention by the economic educational circles gradually in recent years. And, the discussion about the corporate governance focus on the comparison and reference of other country modes more at present, focus on the construction respect that the company organizes more. Because the corporate governance is an abundant system which includes multiple meanings, such as structure, mechanism, course, system, etc. This text believes that the discussion and the research to the corporate governance can launch from a lot of angles.In the modern enterprises, there are complicated inter-dynamic relations between the financing structure and the corporate governance. On the one hand, different financing channel and financing way form different company financing type (financing mode), then determine the financing structure of the company (including proportion of creditor's rights and ownership, the centrality of ownership structure, shareholder's distribution situation etc.). The character of company's financing structure has determined the disposition state of company's control power, thus determine company's corporate governance structure, influence the company's manage efficiency. On the other hand, different corporate governance structure influences the company's financing policy, and then influence the capital structure. In view of this, this text plans to proceed with financing way, adopt the new yisual angle, lead financing into the analysis of corporate governance, at the same time, research the capital structure from the visual angle of corporate governance.Based on the above research design, this text probes into the relation between the listed companies' financing structure and corporate governance firstly, and then the main financing structure and corporate governance structure mode in foreign countries have been deep relatively studied. Secondly, regarded this as the general theoretical foundation, this text study the corporate governance structure of state holding listed company and private listed company from the ownership structure and capital structure (creditor's rights structure) two angles separately. Seeing that company's performance weighs the corporate governance good or bad in final, this text examines the real example to the administration performances of two kinds of listed companies under different ownership structure and capital structure, which abundant the research, make the drawn conclusion more reliable too. Then, have carried on exposition to the latest research angle of structure decision of the capital in detailed, and has further investigated the capital structure theory on the basis of the angle of corporate governance. Finally, after studying the actual conditions of the listed company and capital market in China, constructure the financing structure and corporate governance mode of our country, defined as "mode of adaptability in tactics", and investigate into the concrete respect which optimize the financing structure and corporategovernance structure of listed company , namely the optimization of ownership structure, capital structure and perfection of the capital market have been further investigated, have put forward concrete measure and policy recommendations. In the research of the thesis, considered the fact that the domestic study of the corporate governance structure of listed company mainly direct against all listed companies up till now, and few involves to the private listed company. But the private listed company is playing greater role in the development of national economic and the perfection of capital market. So, this text divides listed companies into state holding listed company and private listed company, and study the two kinds of corporate wholly and systematically, and has carried on horizontal comparison to financing structure, corporate governance structure and efficiency of managing during the course of studying, have drawn a lot...