Financing Structure Of Listed Companies And The Influence On Corporate Governance

Corporate financing is one of the main issues that firms will encounter during the process of marketization. To give it a profound reflection, there are several problems waiting to be answered: Why firms are always obsessed by capital shortage and the maintained desire for funds? Why financing pattern and financing structure interact with corporate governance structure? How to transform financing patterns, and raise financing efficiency? And how to select corporate financing patterns and optimize financing structure and governance structure? Based on large volumes of research literature and positive analysis of Chinese and foreign scholars, this article focuses on the line of corporate financing patterns→governance structure. It can be divided into the following seven parts.1. Introduction. It generally describes the topic of this article and its definition, which are the basis for the following parts to further develop theories and positive analysis.2. The outline of financing and corporate governance. According to different criterions, corporate financing can be classified different types, and they will have different influence on corporate governance. Also, all kinds of financing and governance theories will be reviewed in this part. At last, the evaluation of our country's financing patterns will be introduced.3. The connection of financing and corporate governance. In this part, we will find out how financing interact corporate governance.4. Positive for financing's effects on governance in listed companies. There are two main respects: bond and stock financing and band crediting financing. They will exert different impacts on the corporate governance and the values of listed company.5. International comparison of corporate financing and governance structure. The corporate financing and governance modes can be divided two categories: one is the mode of arm's-length financing, as represented by England and America, their corporate governance lay particular emphasis to the external factors; the other is control-oriented financing, as represented by Japan and Germany, they think highly of the internal factors. By contrast, we may derive useful enlightenments.6. The imbalance of listed company's financing and the harmful influence to governance structure. This part will analyses the defects of stock financing and band financing.7. Transformation and development of corporation governance structure by optimization financing modes.