| The theory of corporate governance and capital structure plays a very important role in modern financial research. Many economists devote themselves into these two domains. Ever since Modigliani and Miller made their MM paradigm, the modern-capital structure has come into being. Following their original thoughts,more and more economists have realized the perfect hypothesizes of MM paradigm are untenable in reality. In the late seventies, the new capital structure theory, which taking the asymmetric information theory as centre, began to replace the old capital structure theory and came into the academic field.In our country, these two theories has become the focus that the scholars pay close attention to. Because the state-owned enterprise of our country is experiencing the system transition from the state-run enterprise system under the traditional planning system to the modern enterprise system, the question about corporate governance has already come into being, which either reflects the common characteristics of the management of western developed countries, or embodies the particularity of our country. This has offered the wide imagination space to economic scholars of our country, but also put forward the great challenge for the academia at the same time.This thesis is divided into seven chapters and contents of each chapter are as the following: Chapter One:IntroductionIn this chapter, the author tries to probe into the research background of the whole thesis. In analyzing the nature of the firm, corporate governance and capital structure, the author redefines the relation between the capital structure and the corporate governance. The author admires that the capital structure determines the corporate governance, but does not deny that the corporate governance is a kind of counter-action of the capital structure. Afterwards, the author introduces the basic thought and the outlines of this thesis, finally briefly introduces the innovation of this thesis.Chapter Two:Brief introduction of the theory and the survey of the empirical study on the determination of capital structureThis chapter includes six parts, In the first part, the author structures a analytical frame about corporate governance. The second part introduces the developing process of the capital structure theory. The third part introduces the contract theory of the enterprise. The forth part briefly introduces governance mechanism by stockholder's theory. The fifth part introduces the domestic and international scholar's studies on the determination of capital structure. The purpose of this part lies in absorbing the domestic and international scholar's experience on variable choosing and analytical method, and prepare for follow-up empirical study. The sixth part is the conclusion. Chapter Three:Research approachThis chapter mainly introduces the analytical method which will be used in the part of Empirical study of this paper, including: principal composition analytic approach, factor analytic approach, return to analytic approach and artificial nerve network analytic approach.Chapter Four:Variable choosing on the determination of capital structureThis chapter is a connecting link between the preceding and the following, In this chapter, the author determines the variable of the empirical research by structure, including the measurement of the capital structure and measurement of the factor of the capital structure.Chapter Five:The traditional statistical analysis on the determination of capital structure This chapter is the first part of empirical study, which divided into three parts. In part One, the author does simple descriptive statistics to all variables; In part Two, the author uses the multiple regression to determinate the capital structure; In part three, in order to lighten the impact on multicollinearity, the author resorts to the stepwise regression.Chapter Six:The modern statistical analysis on the determination of capital structureThis chapter is the secon... |
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