Resource-based Listed Company Financial Governance Effect Of Debt Financing

Corporate finance activities relate to its creation, survival and development. Financingpreference is different, which leads to Corporate form different capital structures, eventually it willhave on the corporate governance mechanism, management quality and sustainable development ofa decisive impact, so each Corporate also consider the financing as the top priority. Resource-basedlisted companies for the development of the national economy plays an important safeguard andpromote role. However, at present Resource-based listed companies is serious imbalances in thefinancing structure, there is a strong preference of equity and bond financing of exogenousfinancing little proportion, thus led to a series of management problems, the problem oflong-standing will affect the sustainable development of Resource-based listed companies.Therefore, China resources listed company must adjust the structure of financing, as soon aspossible. Using corporate bond financing is a practical and effective way, and give full play to thebond financing of the financial management advantage, Including the management of incentive andconstraint, and the roles of signal transmission、control function and prevent the threat ofbankruptcy dilution effect.In this paper, on the basis of financial management theory, the integrated use the knowledgesuch as economics, statistics. On the basis of relevant data collected and sorted, use of normativeanalysis, comparative analysis, empirical analysis, the method of resources in our country listedcompany financial governance effect of debt financing to do the thorough system’s research.Comparison analysis compared the bond financing and bank loan financing, financial governanceeffect advantage, highlight the financial governance effect of debt financing. Resources are verifiedby regression model financial governance effect of debt financing of listed companies, resources thebond financing of listed companies in China in free cash spending constraints company,management of on-the-job consumption, bankruptcy threats play a proper role, but in the aspect ofsignal transfer it plays a function of financial management, no performance for the financialgovernance effect weakened. In order to solve this problem, this paper has carried on the detailedcause analysis, and proposed the corresponding countermeasure, hope that through this paperwriting can make bond financing of listed company fully understand the advantages of financialmanagement, actively adopt of bond financing to form a balanced financing structure.