| Relying on the theory in the capital structure and corporate governancetheory, this article analyses the factors of debt financing and its effects oncorporate governance of the listed companies in China. The paper isconsisted by six chapters, the first chapter is devoted to research backgroundand research significance as well as the related literature review. Chapter IIanalyses the impact of debt financing factors, including internal and externalfactors. And internal factors are measured by specific targets. Chapter IIItheoretically analyses debt financing effects on corporate governance. Bycomparing China’s debt financing status with developed countries, It ispointed out that China’s debt financing existing problems. In Chapter IV, debtfinancing will be divided into different types for empirically analyzing thevarious debt financing is positively relevant with internal factors. It is foundthat asset size, asset structure and growth with a variety of debt financing atthe different levels; The company’s profit and debt financing are negativelyrelevant; And the correlation between equity structure and debt financing isnot significant. Chapter Ⅴ focuses on empirical analysis of the effects of theasset-liability ratio, long-term debt ratio, short-term debt ratio and liabilitiesfinancing rate on the value of the company targets, Tobin’s Q value. Bydescriptive statistics and regression, the results show that the rate of assetsand liabilities and short-term debt ratio have a slight negative correlation withTobin’s Q value, and there is a positive correlation between the long-termdebt ratio and Tobin’s Q value. In the final of this article, the sixth chapter,some advices about how to develop China’s debt financing market andimprove the efficiency of debt financing on corporate governance in listedcompanies have been raised. The creative point, the lack of this paper and thefuture research direction are all put forward in the chapter. |
PDF Full Text Request