Corporate Governance Of Listed Companies Financing Strategy, Capital Structure Impact Studies

Listed companies choose different financing tactics essential to its development in the course of management. This passage is dedicated to studying the impacts on the influence on financing tactics of listed companies, which is exerted by governance structure, is so meaningful to the improvement of governance structure, the optimization of financing tactics and the standardization of behavior conducted by companies.This passage includes seven parts. The Third, Fourth and Fifth parts are the key points of this passage, on the basis of drawing lessons from the modern companies' capital structure theory in combination with actual conditions of our country, conducting systematic analysis on the financing tactics of listed companies, the character of governance structure and their inherent relations, and carrying on real example analyses on the influence on financing structure and capital structure inflicted by governance structure. The sixth chapter is dealing with policy recommendations on the improvement of governance structure and optimization of financing tactics. In the end, there is a brief conclusion.The conclusion of this passage mainly includes: The listed companies have obvious preference for stock right financing, and the financing order is stock right financing, the short-term debt, endogenous financing, the long-term debt, which differs from that of western countries; The governance structure is irrational, and the shareholders' meeting perform practically no function. In the meanwhile, board of director structure is unreasonable, which is highly coincident with themanager layer. Board of supervisors' independent character is poor, while manager layer is lacking in restraints and supervision; The interdynamic relation between governance structure and financing tactics is weak; Independent director rate and asset-liability rate are relevant towards the same direction. Industry, Public projects and asset-liability rate are oppositely relevant. Commerce and liquid debt rate are relevant towards the same way. The holding rate of the largest shareholder and liquid debt rate are conversely relevant. The holding rate of the largest shareholder and long-term debt rate are relevant towards the same direction. The executive director rate, Industry, Commerce and long-term debt rate are oppositely relevant.