Research On The Effect Of Debt Financing On Corporate Governance Based On Ownership Structure Abstract

Listing corporation prefers stock financing with fledgling capital markets.Banking loan has become the major funds beside stock financing. The loans frombanks play a key role. We can find neither state-controlled listed companies nornon-state holding listed companies keeps debt financing about50percent on datafrom samples. Debt financing in fact has become the major funds. Judging by currentresearch， domestic scholars research on corporate governance effects of stockfinancing， few Research on corporate governance effects of debt financing. There isno agreement whether debt financing debt financing plays a very important role incorporate governance. With the further research on capital structure theory andcorporate governance theory， the researchers attach more importance to the studyon corporate governance effects of debt financing. Debt financing is a major fundingsource for Listing Corporation， and creditor interests would bear a major risk fromShareholders and management. To improve corporate governance and protect theinterest of creditors， we should pay more attention to corporate governance effects ofdebt financing.This paper first quotes and analyzes the western capital structure theory andcorporate governance theory. The study on corporate governance effects of debtfinancing is analyzed by principal component analysis， regression analysis andcomparison analysis. First three chapters is theoretical analysis， introduced thebackground， the research significance and literature reviews. The4chapter with5chapter uses empirical research method， on the basis of theoretical analysis in thefirst three chapters， selecting Shanghai and shenzhen A-share manufacturing listedcompanies as research samples to establish multiple regression model to analyze thegovernance effect of debt financing based on the unique ownership structure of listedcompanies in our country. The chapter6based on the results of empirical studysummarizes the research conclusion and policy suggestions. In this paper， through theoretical analysis and empirical research， I furthertest the governance effect of debt financing of the state-owned and non-state-ownedholding listed companies from the perspective of shareholder structure. The resultsshow that:(1) The debt financing through the management incentives and constraints，and the bankruptcy mechanism has a positive effect on the corporate governance.(2)The governance effect of debt financing of the non-state-owned holding company isbetter than the debt financing governance effect of state-owned holding company.(3)whether the state-owned holding company or non-state-owned holding companyownership structure concentration is higher， the less debt financing governanceeffect.The innovation of this article point has the following two aspects:(1) From theperspective of equity structure， this paper analyses the effect of debt financing oncorporate governance. We do research on equity structure perspective in this article，from two aspects of ownership concentration and shareholders nature build modelrespectively， to explore the effect of ownership structure on debt financingperformance.(2) From the object of study， learn to original research are mostlyselecting all listed companies as research samples， there is too much noise. Based onmanufacturing listed companies as samples， and further subdivided into state-ownedholding company and non-state-owned holding company two sample groupcomparative study of listed companies. The study found that debt financing has thepositive effect of corporate governance， ownership structure will affect the play ofthe role of governance. This is different with that most of the literature on debtfinancing and corporate performance is negatively related conclusions.