Research On How The Governance Structure Affecting Financial Tactics Of Listed Companies In China

Listed companies choose different financing tactics essential to its development in the course of management. Stock right financing will decrease the original shareholders' earning per share(EPS) in a situation that the income can't be followed up. Bond right financing , in a situation that the returns on investment can't be higher than the financing cost, will increase the interest expense, the burden of debts and even the bankrupt possibility. Different financing tactics will cause different influences on financing structure and capital structure of Companies. In 1958, Modigliani and Miller proposed, based on the specific premise that holds water, Enterprises' value is irrelevant to its capital structure, namely MM theory. Ever since, the issue of enterprise capital structure become one of the most controversial topics in the financial field of western companies. At present, the study on capital structure of listed company mainly is concentrated on two respects: First, the mainstream theory of capital structure ,which is based on MM theory, studies the relation between the capital structure and enterprises' value emphatically; Second, capital structure decisive factor school ,which is also based on MM theory, studies the influence factors of capital structure emphatically. Factors influencing the structure of capital is numerous, including financial factor, trade factor, macro-economics factor, governance structure factor, etc. This passage is dedicated to studying the impacts on financing tactics and capital structure from the governance structure. Financing tactics and governance structure are very important two contents for modern companies. Research on the influence on financing tactics of listed companies, which is exerted by governance structure, is so meaningful to the improvement of governance structure, the optimization of financing tactics and the standardization of behavior conducted by companies. This passage includes seven parts. The introduction mainly presents research purpose, research meaning, domestic and international current research situation, research contents and research approach of this passage, etc. Then it'll summarize the theoretical foundation to the modern company's capital structure. The Third, Fourth and Fifth parts are the key points of this passage, on the basis of drawing lessons from the modern companies' capital structure theory in combination with actual conditions of our country, conducting systematic analysis on the financing tactics of listed companies, the character of governance structure and their inherent relations, and carrying on realexample analyses on the influence on financing structure and capital structure inflicted by governance structure. According to the new data of sample listed companies, it chooses some indices of governance structure, setting up mathematics model and undertaking multiple linear return analyses, in order to study on governance structure which indices have influence on financing tactics and capital structure, which have no influence and the influence of Industry factor on financing tactics and capital structure. The sixth chapter is dealing with policy recommendations on the improvement of governance structure and optimization of financing tactics. In the end, there is a brief conclusion . The conclusion of this passage mainly includes: The listed companies have obvious preference for stock right financing, and the financing order is stock right financing, the short-term debt, endogenous financing, the long-term debt, which differs from that of western countries; Financing structure is characterized by comparatively lower asset-liability rate, higher floating debt and lower long-term debt; The governance structure is irrational, and the shareholders' meeting perform practically no function. In the meanwhile, board of director structure is unreasonable, which is highly coincident with the manager layer. Board of supervisors' independent character is poor, while manager layer is lacking in restraints and supervision; The interdynamic...