Study On The Influence And Efficiency Of Listed Company's Capital Structure To Corporate Governance

We know that our listed company'governance structure is not perfect and its efficiency is lowly in our country. There are a lot of factors that affect company governance structure, such as exterior capital market, internal culture in company, the system of information published, the property right system, financing faction and so on. The capital structure is a mostly factor that affect the governance structure, the author study any way to perfect governance structure from the angle of capital structure. Firstly, the author introduces the basic concept of company governance structure, analyzing the factor that affects listed company governance structure. Secondly, the author introduce the concept of capital structure, definition the concept afresh, analyze the question the how the capital structure affect the governance structure integrating related the capital structure theories in abroad. Thirdly, do these works from two aspects----Debt structure and the structure of stock right: analyzing the status in quo of the capital structure of our lusted company and its influence to listed company's governance structure. And then adopting the ROE to replace the governance efficiency, provide demonstration analyses on the governance efficiency of capital structure in regression analyses means, and think it exist disadvantage factor to perfecting the governance structure: the positive efficiency of debt can not exert enough, the owner of state-owned stock is not definitude and the stock right is too centralize. Then advance how to optimize the capital structure in order to perfect our listed company's governance structure.