The Research On The Relationship Between Capital Structure And Governance Structure In Chinese State-Owned Business Groups

As the emphasis of reform and development ,Chinese state-owned business groups have made great progress and have been the focus of world attention since the mid and late,80s.But,at the same time, there are many issues that have been hindering Chinese state-owned business groups from developing further for years. The two most important issues are capital structure and governance structure, which influence each other. Therefore, the research of the relationship between capital and governance structure in state-owned business groups becomes an urgent topic.But, in contrast to common enterprise, property rights, organization structure and human capital of state-owned enterprise groups are particular. Analyzing the particularity is useful. This paper begins with analyzing the influence which the particularity of state-owned enterprise groups to capital structure and governance structure, then analyze the relationship between capital structure and governance structure, According to the conclusion, the paper puts forward the way to realize doubly optimum capital and governance structure.The creation points of the thesis mainly embodies: (1) The paper analyze the influence which property rights, organization structure and human capital to capital and governance structure, and puts forward the agent of State-owned property rights lacking of supervise motive and diversify of State-owned business groups aim.(2)the paper primarily analyze the ratio between inter and outside financing influence governance structure, then analyze influence governance structure to capital structure from inter ,middle and outside governance structure, at the same time, the paper provides empirical analyses the relationship between capital and governance structure.(3)the paper analyses the influence which human capital to the relationship between capital and governance structure, then provides empirical analyses the influence. The empirical studies showed that human capital influence the relationship between capital and governance structure, which identical to theoretical conclusions.Although the thesis makes a few progresses, further research is necessary. With the development of state-owned enterprise groups and richer capital and governance structure studies in state-owned enterprise groups, the research of relationship between capital and governance structure in state-owned enterprise groups will be perfect.