| Starting with that Capital structure is "contract claim structure", following the logic of the stakeholders cooperation, using the contract analysis method and the game theory thoughts, based on the corporate theory and the property right theory of the new institutional economics, the author analyzes how the capital structure influences the corporation governance effect. Nowadays, the capital structure of Chinese listed companies is imperfect, existing such problems as the heavy concentration of equity right, the high percentage of state-owned equity, the weakness of debt goverance effect and the failure of regarding the human capital as equity. As a result, in the recent governance structure of Chinese listed companies exist some problems such as the lack of the state-owned stockholders, the asymmetry between operators' authority and their residual claim, the morbidity of the internal governance mechanism, the faultiness of the external governance mechanism and the severity of insider control, etc. Applying the latest research fruits in modern microeconomics such as transaction cost theory, properly rights theory, principal-agent theory, stakeholders theory and capital structure contract theory and so on synthetically, scholars pay more attention to institutional background than technological level of corporate finance to study the effect of capital structure on the corporate governance.The paper includes the following three main parts:In the first part, several correlative conceptions about capital structure governance effect should be interpreted primarily, so that the author develops theoretical analysis of capital structure governance effect. Based on explaining related concepts, it analyzes the effect of capital structure on corporate governance theoretically, including theoretical analysis of equity structure governance effect, theoretical analysis of operator shareholding governance effect, theoretical analysis of debt governance effect and... |
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