Listed Companies' Governance Mechanism

Through the development of more than ten years, the Chinese capitalmarket obtained the very rapided development.Have more than 1,300listed companies totally to August of 2004, common stock value havemore than 12,000 hundred million RMB.Increase continuously along withthe investor to raise with the investor character continuously, the newinvestment principle is in the gradual formation now. The investor thinksgreatly of the analysis to the listed company basic situation more and more,paying attention to the quantity of the listed company more.Domestic andinternational research shows that corporate governance have significantinfluence to results of the business enterprise.Therefore, to raise the wholequantity of the our country listed company, must build up the perfectcorporate governance.But the research that former c corporate governancepays attention to the research to the inner manage supervises and controlthe mechanism more, the point that corporate governance should put tocorporate governance mechanism perfect in the company up, the corporategovernance mechanism's outside is a company of capital structure, so thecapital structure of the company manages to have the important influenceto the corporate governance, the purpose of this thesis is from the angle ofview of the capital structure to know the corporate governancemechanism.From excellent turned the listed company capital structure tocommence to inquire to raise the path of the corporate governanceefficiency.At the time of studing the corporate governance mechanism ,mythesis pay attention to how to perfect our contry's creditor macket and howto better develop the function of the bank in the corporate governance. This thesis is divided into totally four chapter: Chapter one: the theories analysis of the corporate governancemechanism.This chapter is divided into three parts.The first part mainlydiscussed a few different definitions that company manage, and thedefinition that corporate governance that this text adopt.The definition thatthe corporate governance that my thesis adopt is that it is a kind of systemarrangement that so-called corporate governance. Corporate governance covers a series of problem such as who business enterprise is to serve, controls by whom, risk and benefits how assign. It not only includes the relation between business enterprise and shareholder, but also includes the business enterprise and relation between all with related other benefitseseses.The second part introduced connotation and its history changes of the capital structure.First, it introduced the company capital structure connotation.The capital structure mean the company comparison of the short-term and long-term liabilities and the shareholder rights.Then introduced the develop of the company capital structure process.As the develop of the company is more and more close with the contact of the capital market, the capital structure of the company took place the very greatly variety.The thesis Introduced the turn into of the capital structure theories process finally.In the third part, the article discussed the outside and content of the corporate governance mechanism.The corporate governance mechanism is a more extensive, deeper concept than corporate governance.The corporate governance mechanism is the arrangements of law and the system that the promoter down up.These arrangements can make the management work in according to the promoter's benefits. The core of the corporate governance mechanism is the capital structure.But the difference of the company capital structure come from the different financial structrue.The different financial structrue will affect the the corporate governance mechanism.Because the property of the ownership financing and the credit financing is different, as a result the shareholder and creditors manage the different position in the corporate governance mechanism and exercise power by the different way in the company. Chapter two:The article discusses the characteristics of the our countrylisted company capital structure and its influen...