The Optimum Research On The Listed Company Capital Structure Is Based On Corporate Governance

The strategic elements that corporate governance and capital structure are related to development and survival of the company, and they existed integral contact with each other. But most of the research separated corporate governance from capital structure or only care about the problem of corporate governance selection under different capital structure. Since the1980’s, some scholars began to notice that the effect of company governance influences capital structure optimization, and a series of researches have happened from this angle. Based on the former research, this dissertation attempts to research the effect of company governance influences capital structure optimization, and in this dissertation will discussion and analysis the relationship between company governance and capital structure in more detail in Chinese listed companies.In this dissertation, which combines with the related research of the existing corporate governance both at home and abroad to optimizing the capital structure, takes entrust-agency theory, stakeholder theory, property rights theory, balance theory, signaling transmission theory, control theory and optimal sequence financing theory as the theoretical support. From four perspectives to analysis:the tradable and non-tradable stocks are on the upward and downward trend respectively, the state and corporate stocks are on the upward and downward trend respectively, bonds financing scale is increasing year by year, asset-liability ratio is on low state, in order to more thorough analysis of the capital structure’s present situation of listed companies.This dissertation takes A stock certificate the listed companies issued in Shanghai, Shenzhen stock market as samples, selects the eight variables that share concentration, management structure, shareholders’nature, company’s control, characteristics of the board of directors, leading structure, characteristics of the board of supervisors, characteristics of product market as explanatory variables, selects the seven variables that company scale, asset composition, asset liquidity, profitable capability, growing capability, cash flow, non-debt tax shield as control variables and selects asset-liability ratio as explained variable, using factor analysis and multivariate linear regression analysis methods, this dissertation studies the relationship between the variables that corporate governance exercises influence on capital structure, other important variables which influence capital structure and the asset-liability ratio through more rigorous empirical test, and the purpose of this dissertation is to study the extent of corporate governance affects capital structure of listed companies. Through the theoretical analysis and empirical test, and draw the two points of following research conclusions:the factors discussed in this dissertation have positive relation with the asset-liability level, which mainly includes six factors:the factor of executive compensation in management structure, the factor of shareholders’nature, the factor of company’s control, the factor of characteristics of the board of directors, the factor of asset composition, the factor of growing capability respectively; the factors discussed in this dissertation have negative relation with the asset-liability level, which mainly includes ten factors:the factor of share concentration, the factor of managerial stockholding in management structure, the factor of leading structure, the factor of characteristics of the board of supervisor, the factor of characteristics of product market, the factor of company scale, the factor of asset liquidity, the factor of profitable capability, the factor of cash flow, the factor of non-debt tax shield respectively.According to the conclusion form the empirical analysis, and combined with the theory statement, put forward countermeasures of through perfect company governance to optimize capital structure:form the reasonable structure of shareholders’meeting gradually, perfect shareholders’ equity structure gradually, speed up the reform of the board of directors and supervisor strategically, establish an incentive and restraint mechanisms of the management, cultivate the companies’ product market actively.