Research On The Impact Of The Listed Companies' Capital Structure To Corporate Governance

Corporate governance (corporate governance) are one group responsible for standardizing the relevant parties, the right to benefit institutional arrangements, involving command, control, incentives and other aspects of activity content, are the most important modern enterprise system architecture. For business, whether they have sound corporate governance, not only decide the development of an enterprise, but also related to the capital markets of a country's financial system and the national economy and even the success or failure of the rise and fall. And imperfect corporate governance problem, to a large extent the capital structure can be found at the root of. As Williamson (Williamson) has said, not so much equity and debt financing instrument, as that is the control and governance structure, there is what kind of capital structure will have what kind of corporate governance; capital structure is reasonable to determine the effective foundation of governance.In this paper, listed companies in China as the research object, from the perspective of capital structure analysis of the governance of listed companies to seek capital structure optimization point of view of corporate governance means, and put forward a sound development of China's capital market policy recommendations.This article first corporate governance and capital structure of the relevant theory of carding to explore the capital structure and corporate governance between the inherent logic of relations, focused on debt financing and equity financing for the corporate governance effects of the theoretical analysis, then focus on theory and on analysis of data described in our country under the conditions of capital market imperfections and analyzes the road listed on the characteristics of the capital structure and its impact on our country the impact of corporate governance. Finally there is benefit from the perspective of improving the corporate governance of listed companies to optimize the capital structure of the principles and measures and policy recommendations.