Research On The Financial Structure's Efficiency On Corporate Governance Of HI-TECH Listed Companies Of Our Country

Theory of financial structure is one of the most important modern theories of finance. After the development of more than fifty years, it formulates all kinds of theories and school. In the seventies of twentieth century, with theory of corporate governance being brought out, the attention to study on theories of financial structure has been paid to its efficiency on corporate governance, therefore, the school of financial structure on corporate governance has been formulated and attained a lot of research achievement. Nowadays, the common arguments accepted by domestic and foreign scholars is that: under the existed institution framework, financial structure is the base and principle of corporate governance, corporate governance structure is the reflection of financial structure; To some extent, the efficiency of corporate governance is determined by the choice of financial structure.our country is in the period of economic transition, the reform proceeding of China's hi-tech listed companies is confronted with so many problems of corporate governance. The abnormality equity structure in which state-owned shares are in dominated proportion leads to serious problems of insider control in hi-tech listed companies. However, the traditional relationship between listed companies and banks, as well as small proportion of corporate bond financing, leads to failure of constraint mechanism of debt. To high extent those two reasons lead to commonly weakness of financial structure's efficiency on corporate governance of our hi-tech listed companies. These problems can not be solved by simulating corporate governance pattern of western developed countries. Based on the current situation of our listed companies, this paper discussed these problems in order to give some benificial study on the improving the efficiency of financial structure on corporate governance of our listed companies, the improvement of corporate governance of our hi-tech listed companies.In the content ,the thesis firstly provides domestic and foreign relevant literatureof financial structure and corporate governance ,and gives a review and comment on the western financial structure theory and the corporate governance theory ,and then analyzes theoretically the relationship between financial structure and corporate governance , thus to provide theoretical background for the further research on this topic. After that, the thesis analyzes the present situation of financial structure of China's hi-tech listed companies and exlains its feature and the formating reason. On the basis of the research above, the paper deeply analyze the efficiency of financial structure on corporate governance of hi-tech listed companies by positive analysis. Then the thesis draws a conclusion that financial structure's efficiency on corporate governance of our hi-tech listed companies has weakened. At last, the paper discusses the reasons of weakness of financial structure's efficiency on corporate governance of hi-tech listed companies in detail and gives some suggestions for strenthening the financial structure's efficiency on corporate governance.