Research On The Capital Structures Influence For The Efficiency Of Financial Governance

Financial governance,the product of corporate finance and corporategovernance，has double missions，is becoming the highlight of the practical and theacademic field．The theory of capital structure is very important in the corporategovernance and corporate financial theory, the capital structure to determine thestatus of the company’s equity capital and debt capital and camera mechanism todetermine the company’s shareholding structure.System of the study financialgovernance theory, no in-depth study of the efficiency of financial governance, it isimpossible to form a mature theoretical system of financial governance.So it is theanswer to the demand of“financial governance efficiency”study that forms the basicfundamental background and incentive of this text．The article analyzes the theoretical basis of the theory of capital structure,financial governance efficiency, on the basis of the results of previous studies andtheoretical analysis, from the three aspects of the relationship between capitalstructure, ownership structure, liability structure and financial governance efficiencyassumptions. Select appropriate variables and sample, and to build a regressionmodel of the relationship between capital structure and financial governanceefficiency. The empirical results show that: the different governance effects ofvarious elements of the capital structure financial camera. Liability is not aneffective constraint management opportunism, but to play financial governanceeffect through debt covenants; Ownership Concentration helps to reduce the cost offinancial governance, financial governance efficiency; owned holding listedcompanies high management costs, but the assets the use of more efficient, since thereform of state-owned enterprises, while the in-service consumer is still very serious,but the state-owned holding listed companies’ financial governance efficiency doesincrease; China’s high-current liabilities to play certain financial governance effect,but the effect was not significant; Bank borrower due to the presence of softconstraints effective financial the camera governance role and commercial creditliabilities is more effective play to the positive effect of financial governance,improve the efficiency of financial governance.Empirical analysis, policy recommendations from the three aspects of thecommercial banks, the reform of listed companies, and the corporate bond market,favorable empirical evidence for the cooperation between banks and state-ownedasset securitization.