The Governance Effective Analysis On Capital Structure Of State-owned Listed Companies

Capital structure is the important component of financial management. It influences directly not only the capital cost but also the enterprise's value of a corporation. Moreover, the mode of corporate governance and the realization degree to the result of corporate governance will also be affected by capital structure. Our country is in the course of SOE (State-owned enterprise) reform and setting up the modern enterprise system now .How to improve the efficiency of the corporate governance is the key problem urgently waiting to be solved at present. One important reason to low efficiency of the corporate governance is the unreasonable structure of the capital. The article has systematically studied the theory of capital structure and its function in the corporate governance. The purpose of this article is to make some helpful exploration that how to optimize the capital structure and to improve the efficiency of managing of the state-run listed company. The method in this article is quantitative analysis and qualitative analysis. The starting point of this article is the summary of various kinds of capital structure. And then the article analysis the function and influence of capital structure on the company manage from two respects-stock right and creditor's rights. According to empirical analysis of capital structure of state-run listed company, and then turn out that not only the structure of stock rights and creditor's rights is unreasonable, but also the interior structure of stock rights and the interior structure of creditor's rights are unreasonable. Besides, there are great deals of other questions, which cause various kinds of mechanism of corporate governance unable to play a effective role. At the same time, the article make a deeply analysis to the reasons. Finally, the article put forward some advises: Reducing the state-owned stock progressively, Foster the institutional investor actively, Design some encouragement and restriction mechanism to a manager, Reform and perfect the state assets management system, Perfect regulation system and withdraw mechanism of security market and unifying the stock market progressively, Set up powerful security payment mechanism of debts, Strengthen restriction of creditor's rights of the banks, Develop corporate bond financing, and so on.