The Capital Structure Theory In Effective Corporate Governance Pattern In China

The capital structure and corporate governance are two essential problems in enterprise's theory and practice, relevant research in China and foreign countries indicate they have remarkable influence to enterprise's performance. Already existing research is set up around different key elements, this thesis conbines and describes the two together. This thesis explain capital structure theory, analyse the reason of corporate governance-- principal-agent problem, and analyzed the behavior of principal-agent problem of the state-owned enterprise. Then analyse the relation between capital structure and corporate governance from the relation between the capital structure and principal-agent problem, capital structure and company's control change , stock structure and corporate governance efficiency, etc . The financing way has determined the characteristic of the capital structure, The ownership nature of the stock right is influencing the efficiency of governance structure. There is close link between them; Enterprise's achievement influences the contention of company's control and financing result on the capital market directly.The thesis compares corporate governance mechanism in foreign countries, combine the realistic background of our country, structure the corporate governance pattern of the state-owned enterprise of our country. The state-owned enterprise of our country should have the relative shareholder that controls interest and have other big shareholders exist .On the choice of the subject of stock right, should be that corporation, national company, fund, and the public,etc. Set up the organization system of a set of right in conformity with structure of stock right with clearly demarcated responsibility at the same time ; Strengthen and improve the function in the corporate governace of the bank; Cultivate manager market actively; Perfect the capital market. The thesis regarded company of a debt-to-equity swap as the case finally, analysed the problem of this company and the improving the measure. The Asset management corporation(AMC) is a kind of debt status in the company manages as the shareholder.But the problem of debt-to-equity swap may be more serious. AMC may be insufficient motive force , After the withdraw of stock debt-to- equity swap company may get back to capital structure in the past again too. While manage the setting-up of the mode in capital structural adjustment and company of enterprises of debt-to-equityswap, Should combine with reform of management system of state-run assets , advance the strategical reajustment of the state-owned economy; Guarantee the integrality of shareholder's right of property management company; Withdraw the stock through agreement, impel the state-owned enterprise to perfect the corporate goverance. The thesis has certain reference meanings to capital structural adjustment and structure the corporate governance pattern of the state-owned enterprise.