A Study On The Governance Effect Of Debt Financing In State-owned Listed Companies

To the Modern Enterprises management theory, the debt financing as a external power can improve corporate governance.and the creditors as enterprise interest-related parties should take part in corporate governance. The role of Debt financing governance effective means to alleviate the interest conflict of shareholders and managers. Thus the thesis is aimed to study on the debt financing status of the state-owned listed governance is a companies, by analyzing the theory of agency, theory of control transfer, theory of signal transmission, and analyzing the mechanism of debt financing's corporate governance from the perspective of theory. Using the data of the state-owned listed companies from 2005 to 2009, analyses the status of debt financing from Angles of overall debt financing, term structure of debt,type of debt, bank loan and bond financing status and so on, and summarizes the current debt financing of our country state-owned listed companies. Then do statistical description and regression analysis for the sample. Verifying governance effects of debt financing for state-owned listed companies in our country from the perspective of positivism, the result is that, at present, the debt financing of the state-owned listed companies does not have much effect on corporate governance in general. The general situation of debt, different term structure of debt, different type of debt has no obvious linear relationship with the company's asset yield. And then, this article has analyzed reason for failure of debt financing governance role for state-owned listed companies in our country. Analyzing in detail from the following aspects:as the main creditors, bank's soft constraint for non-market factors of itself; the small size of enterprise bond market caused by the strict management system for issuance, the poor liquidity of the enterprise bond market, and lack of enforcement of the bankruptcy system. According to the problems of debt financing governance of state-owned listed companies in our country, puts forward the countermeasures respectively:perfecting the property system of the bank and the bank's internal risk management mechanism, speeding up the reform of corporate bond market system to promote the rapid development of the bond market, perfecting the bankruptcy system, paying attention to the related factors which influence the governance role of debt financing.