Bond Financing Of Corporate Governance Empirical Study

With the enterprise system, corporate governance, production, development and improvement of the production. From a macro perspective, the different political, economic, cultural, and even the different national characteristics determine the model of corporate governance. From the micro perspective, the company's own different financing structure determines control of the company structure, a different control structure determines the different stakeholders, and thus determine the choice of governance model. Financing structure with debt financing, equity financing in the ratio of composition, effect of corporate governance will have a crucial role. Bond financing made as an important part of debt financing, the term structure, financing, creditors, and many other aspects of its uniqueness. This article from the bond financing mechanism for corporate governance, adopting qualitative analysis and quantitative analysis, normative analysis and positive analysis of methods, from the perspective of theoretical and empirical analysis of listed companies in China, respectively, bond financing effects of corporate governance issues.Theory, by comparing the bond financing and equity financing and corporate governance effects of bank credit obtained in bond financing incentives and constraints on the role of managers, the role of signal transduction and the threat of bankruptcy three aspects of the role of strong governance effect. Debt financing and equity financing compared with debt service due to the rigid cash flow constraints, the management of enterprises will have a strong incentive constraint for the role and bankruptcy threat. Bond financing and bank credit, compared with strong information disclosure and supervisory role in reducing the risk of creditors, to promote market played a crucial role in a virtuous circle.Empirical, based on the theoretical research, to collect relevant data and information and data, bond financing and corporate governance will be combined for analysis. First, it analyzes the current development of corporate bonds, since bond market in China come August 14,2007, the China Securities Regulatory Commission promulgated the "Measures of corporate bonds issued pilot" after the bond issuance was developed rapidly. However, there are still companies that issue bonds constitute a heterogeneous industry, interest rate type is more a single, market-oriented interest rates not high. Second, the combination of corporate bonds issued data analysis of listed companies on corporate governance bond financing effect. The empirical results show that managers in the bond financing incentives and constraints, and the threat of bankruptcy has significant control effect, but in terms of governance signaling effect is not obvious, which is the weak effect of China's capital market and bond market development is more time short, resulting in a variety of policy measures do not improve a great relationship. Therefore, further improve the governance structure of listed companies in China and to promote bond market development proposals.