The Financing Of The Corporate Governance Structure Dependency Analysis

Corporate governance is the most important organizational framework of modern corporate system. It is a whole set of law, culture and institution arrangement, which assigns the right of control and residual claim to shareholders, managers, creditor and parties of interest in the conditions of separating ownership from the right of management. The objective of corporate governance is to lower agency cost caused by separating of two powers. The reasonable corporate governance contributes to improve the company benefit. Based on the analysis about the relationship between corporate governance and finance structure of company, the patterns of corporate governance are compared, which is held around the combination of stock right and obligatory right of capital. Aiming to the problems related to the capital structure and corporate governance existing in the gradual reformation process of the SOE, according to the theory of state-contingent ownership, we should take action from the finance system. Under perfecting the stock market and the loan marcket and the development of manager market, we should utilize the administration effects of stock right & obligatory right and try to construct a dynamic administrative mechanism in the SOE of China.