Theoretical Analysis And Empirical Results-impact On The Enterprise Value Of The Creditors Governance

In modern enterprises, the enterprise stakeholders'status enhances unceasingly, which makes the enterprise value be affected. So, the maximization of enterprise value based on stakeholder theroy gradually becomes the focus of social circles. As an important fund provider, the creditors in the enterprise play an irreplaceable role. In the process of enterprise management, whether creditors can participate in the company management and whether their behviors can affect the enterprise value are very important for creditors and enterprises. Due to this necessity, this paper discusses correlation theory of creditors in corporate governance influencing enterprise value which arounds to the relation between creditor governance and ernterprise value. The paper summarizes the relation between the creditors'participation in corporate governmance and enterprise value through using the theories of financial management and enterprise management, collecting the data in listed companies, applicating the method of statistics, integrating with theoretical analysis and empirical research. The research has important significance for exploring rules between the creditors'participation in corporate governance and enterprise value, perfecting the theories of the creditors'participation of corporate governance, perfecting stakeholders theoretical system and guiding the behavior of creditors'paticipation in corporate governance.First of all, this paper summarizes the research situation of stakeholder theory and creditors in corporate governance theory at home and abroad systematically. And then it integrates contract theory, enterprise's ownership theory, principal-agent theory and the contingent governance. These theories clearly put forward the theoretical basis of creditors in corporate governance. They definite the impact on the enterprise value of the creditors governance. These are the basis theories of this article, and they provide theoretical support and guidance for the research.Secondly, this paper researches an empirical analysis on creditors influence on enterprise values. The article separates creditors in corporate governance into debt structure governance, bank loan contract, and supplier commercial credit, and then researches the relationship between creditors in corporate governance and enterprise value. According to theoretical analysis, the article gets relevant hypotheses, and then calculates regression results with statistical identifying method. They all verified the regularity relationship between creditors in corporate governance and enterprise value.Thirdly, the paper analyzes the empirical results, and then put forward the policy suggestions of creditors in corporate governance of listed companies in China, Combining with the actual situation of the listed companies in China. All the analyses can increase the practicality and operationality.