The Study Of Financial Behavior Based On The Corporate Government Of The Listed Companies In China

Money is the importance resources of the enterprise development. Enterprise financing hasbeen the hot issues in the financial industry, particularly, the capital structure, formatted by theenterprise financing, has a highly relevant to the corporate governance, investor protection andcompany value. Since the1990s, China's capital market has been developed rapidly, provided morebroad platform, promoted the enterprise to reform the financing share-holding system and gavebirth to the large numbers of listed companies. But compared with the developed countries, thefinancing behavior of the listed companies in China showed contrary to the western classicaloptimal sequence characteristics of financing theory, a strong tendency of equity financing,financing excessively existence, leading to the capital market capital allocation efficiency is low, thefunction is alienated to "encircling money" place. In view of the above questions, the domesticscholars analyzed them from the different aspects. Such as financing costs, system and so on. Thispaper based on the corporate governance view, analyzes the formation process of the financingbehavior of listed companies in China, and puts forward some specific management advice.This paper first reviews the literature on capital structure and corporate governance and themutual relationship, laying a theoretical foundation for the later exposition. Then through the listedcompany financing structure data, it compares the peculiar behavior characteristics, and explains thenegative effects briefly. Moreover, based on the corporate governance, combined the listedcompanies'situation at present, the paper analyzes the underlying reasons of the formation of thefinancing behavior, with the introduction of control benefits theory. Finally, the paper suggests thatwe should optimize the equity structure, improve the governance of listed companies and strengthenthe stock market supervision to proceed a multi-pronged, take Measures to further regulate thefinancing behavior of listed companies, and make the development of capital markets health andorder.