The Study Of Listed Company's Corporate Governance Based On Capital Structure In China

We know that our listed company'governance structure is not perfect and its inefficiency in our country. There are a lot of factors that affect company governance structure, while the capital structure is a mostly factor .Our listed company is mostly rooted in state-owned enterprises, so the debt structure and the structure of stock right are special. 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 factors that affect listed company governance structure. Secondly, the author introduces the concept of capital structure, analyze the question that how the capital structure affect the governance structure. Thirdly, do these works from two aspects----debt structure and the structure of stock right: analyzing the status of the capital structure of our listed company and its influence to listed company's governance structure. And then adopting the ROE to express the governance efficiency, provide demonstration analyses on the governance efficiency of capital structure in regression analyses means, and thinks that 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 facing how to optimize the capital structure in order to perfect our listed company's governance structure, the author makes some feasible suggestions.