Corporation Government Effect Of Financing Structure Study To Chinese Corporation Which Entering Market

Choicing what financing mode and what capital structure of a corporation will bring effect to the action and the behalf of every correlative main body. As finance contract, the financial structure of a corporation embodies different characters of corporate governance.The corporations entering market of china being borne out of special environment have grave feeble phenomena of corporate governance, restricted to the development of economy, environment of financial market and the system of economy. The financial structure not in reason is the sticking point of the feeble phenomena of corporate governance. At present, the finance structure of china corporations by share have three distinct characters, namely, Firstly, the proportion of the financial structure of inside and outside fountain is maladjusted, proportion of the outside financing is abnormal high; Secondly, on one hand , outside financing fancy to stock financing partially, on the other hand , bond financing is very low; The third , the debt radio to assets is quite low.The corporations by share of china exist the questions of fancy to stock and low efficiency of financing fund collocation. In virtue of modern corporation contract theory and principal-agent theory, contrasting different effect of different financial structure, this text try to anatomy the rootstock of feeble phenomena of corporate governance; At the same time, trying to construct suitable financial structure of the corporation by share. All these will do good to either amend to the status of financing structure not in reason or the improvement of the effect of financial structure .Research have discovered: Firstly, capital market of our country have mo full corporation government mechanism. It is deformity and has not made transformation ultimately from administration government to economy turnover; Secondly, the Proportion of creditor financing to share financing is not propriety, long and short period of bond financing is not so in reason, these upward lead the feebleness of force restriction mechanism of creditor financing; Thirdly contracted with capital cost of bond financing, the comparatively low cost of share financing is the straight reason why the corporations entering market have so intense partial fancy to share financing.