The Positive Research Based On Capital Structure About Corporate Governance Of Listed Companies In China

American professor firstly mentioned corporate governance in1930's, and then it was becoming a widespread problem in the world. From the 1990s China's corporate governance research has began. In theory, a wealth of research results has fromed, in practice, a number of normative views and the success of the case has also been developed. However, because of the long-term impact of the traditional planned economy, problems at a deeper level still remain. The capital structure is the most important aspect that affect of corporate governance. The effectiveness of corporate governance depends largely on capital structure.In this paper, the impact from capital structure to corporate governance has been investigated in-depth study. The causes and relevant market reactions are analyzed and studied by qualitative and quantitative methods. First of all, we summarize the theory of capital structure and corporate governance of the main branch and the basic viewpoints. Then the article analyzes their actuality and reason for the problem of listed companies of our country. We use the date from 2002 to 2006 of all listed companies that meet the requirements as study samples. Then select ROW,ROS,MBR as the measure of the company value, and analysis the relations of capital structure and corporate govermance with company performance. Research shows that there are many problems on China's current capital structure of listed companies and corporate governance structure. In this paper, against deficiencies of capital structure and corporate governance, we adjust the capital structure of listed companies to make a breakthrough, then establish and improve an incentive and restrictive corporate governance mode. All that wo do is in order to unite corporate governance and capital structure in achieving the objective of maximizing corporate value.