Study, Based On The Corporate Governance Effect Of Debt Financing

With the establishment of China's social economic system, its security market has been greatly developed. When we go back to see the history of our security market, we can find that its scale is becoming bigger, but those listed companies are becoming worse. This has brought a great trouble, not only for the investors, but also those companies who want to raise money from the security market. In order to solve this problem, experts have done a lot of work. So the information quality of listed companies, the structure of corporate finance, the independent director system, the promoting and supervising of manager have become the focus of finance research. This paper also wants to do some useful discussion for the improvement of corporate governance.We can find, in many papers, that debts play the positive roles in corporate governance, but does it really do in China? Obviously, it is demonstrated that debts did not play the positive roles completely. Most of the researchers have found that stock finance have been used abusively in Chinese listed corporations. And at the same time, its corporate governance effects are becoming weakening and worsening.In order to analyze this problem and find a solution, the dissertation can be divided into four main parts. Firstly, depended on the theories on corporate governance and corporate finance, the effect limitation of stock finance are empirically estimated and analyzed. Secondly, the corporate governance effects of debts are analyzed. Thirdly, the actuality of the corporate governance effects of debts in our country and limitation of the environment in our society are explicated. Lastly, the policies of strengthening the mechanisms of the creditors in corporate governance are putted forward and explicatedThere are five parts in this dissertation, and each one can be abstracted as follows:Part One: introduction.Part Two: the corporate governance effects of stock finance are empirically estimated and its limitations are preliminary brought out compared with debts.Part Three: analyzing the relations between debts and corporate performance.Part Four: describing the actuality of the corporate governance effects of debts in our country.Part Five: giving some advices.