Research Of The Efficiency Of Financial Governance Of Debt Financing Of The Coal Listed Companies In Shanxi

Corporate capital structure influences directly corporate performances and its long termpromotion. The debt financing acts well in many aspects, naming, reducing cost of equity, incentiveand restraint of the behavior of the operators, improvement of corporates performance, delivering atrue value to outside investors, and etc. But whether in theory and in practice, people tend to paysolely attention to the equity investor’s interests in companies, and therefore design corporategovernance mechanism in terms of protecting the equity investor’s interests. As a result, mostpeople ignore interests of creditors.According to relative data, the Shanxi coal listed companies on average asset-liability ratio ismore than50%, hence indicating that assets provided by creditors exceed which offered byshareholders and creditors’ status and effects are unreasonable in corporate governance. What’sworse, Most of the Shanxi coal enterprise bond financing show blank, illustrating that the Shanxicoal listed companies did not give full play to the positive governance effect of the liabilitiesfinancing.The ideas and content of the writing of this article is as follows.Firstly, the thesis introduces the research background and meaning, as well as reviewingrelative foreign and domestic literature, standing research thoughts and methods.In addition, the article discusses the theory of financial governance theory and debt financingand makes specifically addressed on the maturity structure of the liabilities financing and sources offinancing structures.Thirdly, by using samples of14coal listed companies from2002to2012in Shanxi, the paperintroduces empirical research in coal listed companies debt financial governance effect.Finally, the article summarizes the status quo of the listed companies in Shanxi Coal and putsup with constructive suggestions to better corporate governance of listed the companies in Shanxicoal.