Research On Capital Structure And Corporate Governance Of China Listed Company

The principal-agent relationship between the shareholders and themanagement was born with the separation between the ownership andpractical control among the modern corporations. And the emergence ofdebiting the capital caused the contractive relationship between thecreditor and corporations. So the capital structure includes the equitystructure and liability structure. The equity structure is the basis ofcorporate governance. It not only determines the allocation of the internalright of the corporations, but also influences the operation of the market ofcontrol rights. Liability structure influences the corporate governancethrough the arrangement of the liability contract and bankruptcy system.The successful research of corporate governance identify that good capitalstructure is useful to corporate governance. In the special time of economytransformed, equity structure and liability structure also have special point,this paper really research this point influence on corporate governance.Base on the theory of capital structure and corporate governance atthe beginning of paper, Learn from the different corporate governancemodel, this is from Britain- American and Japan-Germany; Combine thecharacteristics of the China's listed companies'capital structure; use thesteel listed companies as samples and SPSS software to do positiveanalysis, which is as innovation and key point. As last, we can find out the relationship of corporate governance and equity structure and liabilitystructure. It's the conclusion that positive analyses get, High concentrationof equity and corporate profitability was positive correlation, theproportion of low stocks negatively related to corporate profitability, bankdebt financing rate and the company's profitability was a significantpositive correlation. I give such suggestion: realize the stock to achieveflow, training intuitional investor and innovate capital market; bankconcern with corporate governance, sanity sinking operation and developcreditor's rights market; develop factor market, such as foster handlers anddominate right market.