An Empirical Research On The Function Of Debt Governance In Listed Architectural Industry Companies

With the development of market economy，the theory of corporate governance researchis more and more mature. The theory of corporate governance developed from thecorresponding initial shareholder governance theory to the governance of stakeholders theory.Under the guide of the theory of governance of stakeholders， the mechanism of theprotection of the interests of creditors also is taken seriously increasingly, Research on thegovernance of creditor’s rights has also gradually become one of the important ways on theresearch of corporate governance theory. At present, most listed companies have a preferencefor equity financing, the theories of corporate governance research also prefer equitymanagement theory, and the research on governance of creditor’s rights is still at the primarystage. The construction industry is the pillar industry of national economy, and it played animportant role in the economic and social development, due to the characteristics of theindustry, the product is a municipal engineering and construction or production and sales ofbuilding materials, companies of construction industry during the operating process givepreference to choose debt financing to raise funds, and statistics show that the constructionindustry level is much higher than the50%rate of liabilities to assets. This article is based onthis background, taking the building industry listed companies as the research object, underthe guidance of the effect of debt governance in foreign research results and the effect of debtgovernance of research results and research design in nature, take an empirical research on theeffect of debt governance of listed companies which if they give full play to the role.Firstly, through the review of the domestic and international research results about theeffect of debt governance, under the guidance of stakeholder governance theory, agency costtheory, signal theory, incentive theory, control theory, elaborated the effect of debt governanceof creditor’s rights, which is incentive effect, signaling effect, the threat of bankruptcy effect,leverage effect, creditors’ involvement in corporate governance, then analysis the controleffect. On this basis, this article selects33of construction companies which listed before31December2007, with its2008-2010years financial data for samples, puts forward theresearch hypothesis of debt incentive effects, signal transmission effect, the threat ofbankruptcy effect, leverage effect, the creditors in corporate governance among thearchitectural industry listed companies, This empirical conclusions of this study are asfollows：（1）The debt ratio of China’s construction industry listed companies is higher, and short-term debt ratio proportion is very high;(2) The profit ability of the listed companiesgradually increased;(3) The effect of debt governance is not fully play the role of thecompanies. Finally, during the conclusion of the empirical analysis, the article puts forwardseveral aspects to optimize our country construction effect of debt governance of listedcompanies.The research on the effect of creditor governance among the construction industry cannot only improve the efficiency of corporate governance, but also enhance the performance ofthe listed architectural industry,which is conducive to the development of our countrynational economy.