Analysis Of Financing Structure And Enterprise Governance

The financing way determines the financing structure, Financing structure and governance structure are closely. It is the focus that theory circle studies. In our country it is influenced by traditional system in the course of reforming, the financing structure problem has not been settle all the time, shown as the financing structure twisted, low governance efficiency. Why are financing structure and governance efficiency contacted, influenced each other closely? How to optimize the structure of financing, improve the efficiency of governance? This text analyses the question in financing structure and enterprise governance efficiency through four parts.Chapter one: The introduction. Train of thought of selected title, research current situation and relevant concept of introducing this text mainly are defined.Chapter two: The relation between financing structure and enterprises governance. According to modern contract theory, financing structure can influence the value of enterprises from following 3 at least. 1 .Financing structure will influence the operator's hard-working level and behavior choice. 2.Financing choice of way will influence investor's judgement of enterprise management state through their information transmission function. 3.Operator different partiality to control power by itself, financing structure will influence distribution of control power. Above-mentioned three kinds of theories are called the authorize agency theory, information asymmetry theory and control theory separately. They explain inner link financing structure and enterprises governance separately, analyse how financing structure influenced enterprise's value by governance. Enterprise financing structure determines intervention degree of enterprise and intervention way, determines the bankrupt probability of enterprises, and determines the control method that enterprises bankrupt liquidate. There are organic connections between financing structure and governance structure. Financing structure not only reflect different source of capital, but also influence enterprise power distribution relation between each interests subject, and determine the intensity of accumulation and restraint of each interests. So, debt financing and stock financing should be regarded as different governance structure and are shown as different governance efficiency separately.Chapter three: Foreign financing mode and governance mechanism analysis and enlightenment. Analyse the characteristics of U.S.A's and Japan's financing modes and governance structure, compare and appraise their advantages and disadvantages,propose to enterprise financing and governance of our country. In U.S.A the large proportion is direct financing, the characteristic of stock structure is decentralized, the restraint of executives mainly comes from the security market. Because the capital market has very strong mobility and shareholder's concern about the short-term income, it causes enterprise's behavior to take in a short sight. Japanese enterprise fund offer by main bank mainly, main bank in advance, in the courts, afterwards implement effective supervision and control to enterprise. According to the actual conditions of enterprise in our country, international experience for reference, propose that the mode of the financing structure of our country is: rely mainly on financing indirectly, the direct financing acts as an auxiliary way, strengthens the coordination and cooperation between the two ways emphatically, develop and perfect the direct financing further.Chapter four: The thinking of optimizing financing structure of our country and improving governance efficiency. In our country financing structure twisted, low governance efficiency. Reason produced is: Owner control power incomplete, stock structure unreasonable, fail to set up security mechanism of paying the debts effectively, the bond market develops slowly, the capital market is undeveloped, institutional investors develop lagging, the market mechanism of manager restraint weakens etc.. Bring up the moder...