Researches On Relationships Among Capital Structure, Corporate Governance And Enterprise Value

With the development of our country's capital market, there exposed more and more problems in our listed companies, and these problems mainly focused on the corporate governance and capital structure. We wants to know, whether a good corporate governance can lead the promotion of enterprise value? What's the relationship between corporate governance and capital structure? How to enhance the corporate governance of listed companies? So by finding these answer with theoretical and positive research, it has important realistic significance to improve corporate governance and capital structure of listed companies, to enhance the listed companies'enterprise value and competitive ability, to promote the development of our country's capital market.This paper took capital structure, corporate governance and enterprise value into one research perspective to analyze their relations with theoretical and positive research. Theory part firstly reviewed the theory of capital structure and enterprise value based on corporate governance, then demonstrate the relationships among the three. In the positive study part, I firstly create the index of SCG to evaluate the corporate governance, then by the link of SCG, I made a regression analysis of SCG with capital structure (debt ratio) and enterprise value (Tobin's Q and MVB/E), it is observed that: (1) debt ratio is positive to SCG significantly, debt finance is effective to corporate governance in theory; (2) corporate governance does effect enterprise value, better corporate governance leads to better enterprise value, if we take the side of security market to survey the enterprise value, that is to say, the investors of our capital market are willing to pay extra value to better corporate governance; (3) the construction of SCG is scientific and appropriate, so it is able to be an index to evaluate corporate governance in reference.