The Research On Creditors Participation In Corporate Governance

This article, from the point of view of the stakeholders, analyzes the traditional corporate governance mode "equity management" is insufficient, and believe that stakeholders participate in the company management is very necessary, at the same time, the creditor is company’s important stakeholders, the development role is never less than shareholders role, and the creditor bear the risk of greater than the risk of shareholders, based on which, this paper puts forward the creditors take part in the company’s internal management.This article breaks through traditional "equity management" corporate governance mode, through the introduction of stakeholder theory and state dependent ownership theory, dismissed the corporate governance "equity logic", and proved that the creditors of the enterprise is important stakeholders, and in the case, the ownership of poor management enterprises should be owned by creditors, the status of creditors and shareholders should be equal, and then the article puts forward the participate in the company management theory.Through the analysis to the theory of the state ownership rights, interdependence agency cost theory, incomplete contract theory, we seek the creditor participate in the company management theory basis. Through the legal person of limited liability system, civil contract protection system of creditor’s rights to carry on the analysis, we found the traditional relief ways have some serious defects, which is not conducive to the protection of creditors. At the same time, this article observed the historical evolution of the enterprise financing mode, summarizes the different financing way to the company control and the impact of the governance structure, puts forward the creditors of the significant advantage should participate in the company management, and through learning the countries all over the world to provide the realistic basis for the legislative system creditors participate in the company management.At the same time, through the research of enterprise financing way, this article discusses two entirely different enterprise financing modes and the historical evolution of the financing mode analysis, prove that financing by creditor has become a worldwide enterprise financing ways, based on which, the position of the creditors has been increased and shareholders, even to the role of the development of the company has surpassed the shareholders.Therefore, the creditor shall have the necessary in to the internal management of the company.The empirical part, this article selects the Chinese listed company in2010more than1700samples for enterprise debt structure and enterprise performance between the regression analysis, we found that when the leverage ratio, long term enterprise, the higher the performance of the enterprise, the lower the results. As evidence, in "equity management" logic, the higher the enterprise liabilities, performance is lower, the realization of the creditor rights more not guaranteed. So, the creditors participate in the company management is not only a theoretical exploration, in the practice of the creditors of the protection but also has the very vital significance.Finally, this article divided enterprise creditors specific into corporate bonds creditors and bank creditors, and based on the characteristics of different creditors.we puts forward concrete participate in the company management approach, including bank management, corporate bonds the camera system, creditors derived litigation system. Through these choice, the creditor may choose according to circumstance and at the same time, the legal system should provide security to the creditor participate in the company management.