| Study of capital structure has both great theoretical and practical significance, thecapital structure has become one of the hot topics discussed by the financial sector since1958Modigliani and Miller MM theory. The capital structure is not only related to thesize of the financing, also reflect the company’s financing structure and financing, It is adirect reflection of a company’s financial condition and determines the cost of bankruptcy.Therefore, a reasonable capital structure is the basis of effective governance, the choiceof capital structure will affect the behavior between stakeholders, and thus determine thecompany’s operating performance and corporate value.With the development and improvement of China’s securities market, listedcompanies has become an important part of China’s socialist market economy and hasmade a great contribution to the promotion of the national economy. Listed companies inChina, there are many problems in the capital structure, the direct result of the seriousdefects of the corporate governance structure of listed company’s core competitiveness,so to speak, capital structure and not just a simple problem of financing, what capitalstructure there is determines what kind of corporate governance. Study of listedcompanies’ capital structure of corporate governance is not only conducive to thedevelopment of listed companies, and also contribute to the reform and improvement ofour entire stock market.This paper is divided into four parts, the main contents are as follows: The first partintroduces the theory how capital structure to influence corporate governance; Throughthe data, second part Explains the characteristics of the capital structure of listedcompanies in China at this stage, especially some new changes after the split sharestructure reform; When considering asset-liability ratio, income level, the nature andscale, enterprise effective number of factors, it selected four representative industryempirical analysis to reflect the capital structure of listed companies in China companyeffect of governance; fourth part of the first division, from the capital structurecharacteristics and to compare the U.S. market oriented and the Bank of Japan andGermany led two classic governance model, and then combine the results of empirical analysis and foreign mode learn of the listed companies’ capital structural optimizationsuggestions. |
