The Study On Corporation Governance Effects Of Debt Structure For The Listed Companies In Our Country

It is a practical question for debt structure and corporate governance in the market-oriented process of company. Debt structure not only has influence to its financing efficiency, but also has influence to governance effects of the listed companies. The study to the governance effects of debt structure has been become a front and challenge research project now, and increasingly being put more and more attention by the theoretical and practical circles. These reasons make my study sensible and significant.In our country, for reformed from the state-owned enterprise, the most listed companies have a special financing structure. It is the study key point to how this financing structure influences the corporate governance. In this paper, by the classic western financing structure theories, we make out hypothesis respectively for the governance effects of debt structure, then analysis current situation of each debt structure for the listed companies. In the end, Based on the information of listed companies'and using the multivariate regression analysis method analyze the corporate governance effects of debt structure in our listed companies, and creatively use the logarithm of the rank of corporate governance as the indicator to scale the governance effects.The paper indicates that, the practical governance effects of debt category structure are not concordant with our hypothesis, but this is inter-dependent with the situations of the capital market and the corporate governance in our country. The listed companies has went into the cycle which the limitation of financing structure results in the functional invalidation of corporate governance system, and the last one again results in the distortion of debt financing ratio. Accordingly, the paper put forward that we should regard optimization of financing structure as the starting point and perfection of the corporate governance as the core, in order to set up the benign cycle between financing structure and corporate governance. Accordingly, the paper puts forward that we should regard optimization of financing structure as the starting point, in order to perfect the corporate governance as a core, to set up the benign cycle between debt financing and corporate governance.