Research On The Function Of Debt Governance In State-owned Listed Companies In China

These years, although research on corporate governance has come a long way, the research on debt governance is still in its infancy stage, which is a challenge to us. Thus, the purpose of this dissertation is to explore the function of debt governance in state-owned listed companies, by referring to the theory and experience of debt governance in developed western countries. Based on the agency relationship between creditors (banks) and debtors (managers), preconditioned on the agency theory, the dissertation focuses theoretically and empirically on three functions of debt governance in state-owned listed companies in China, that is, functiong of inefficient investment controlling, bankruptcy threat and creditor's participating in corporate governance, to find out whether the function of debt governance can work well and further improve the debt governance of state-owned listed companies .The dissertation begins with the investigation of the fruitful research on function of debt governance in developed countries such as UK, US, Japan and Germany, and attempts to fill some important gaps in our understanding of inefficient investment controlling function, bankruptcy threat function and function of creditor's participating in corporate governance; Second, Theoretical and empirical study is done on whether three functions of debt governance can work well in state-owned listed companies .The result shows that so far the function of debt governance can't work well as expected; Third, after examining the special institutional background of China, the dissertation argues, grounded on the research results, that the essential institutional reasons include creditors and debtors being "quasi" market participants, the "quasi-equal" debtor-creditor relationships and the "quasi" market rules; Finally, it comes to the conclusion that the fundamental methods to change the situation are to encourage the supervision of banks , to deepen the reform of state-owned companies and to fulfill the outside institutional requirements for guaranteeing the function of debt governance.The emphasis and uniqueness of the dissertation are the following: first, it does research on the debt governance from the perspective of function of debt governance; second, around the characteristics of state-owned listed companies, it makes empirical study and survey on function of debt governance,the data which are used to support to testify the function of debt governance in state-owned listed companies; third, a systematical analysis is carried out to test the function of debt governance from the macro aspect of special institutional background of China.