Research On The Efficiency Of Financial Governance Of Debt Financing Of The Power Listed Companies

Researches on the corporate capital structures have been received extensive attention inacademia since the MM theory was published in1958. But in academia, scholars prefer research onthe equity financing, and the research on the influence of debt financing is limited. Debt financingcan reduce the cost of equity, debt financing constraints and motivates operator’s behavior, debtfinancing can improve corporate performance and be able to show enterprise real value to outsideinvestors. At present, for the financing problems, most scholars choose all listed companies asresearch samples in domestic, fewer scholars choose different industry listed companies as samplesand study the financing structure and financing behavior. The power industry is the pillar industry inthe country, for power1isted companies, debt financing is easier. But the empirical results show that,for power listed companies, the effect of financial management on debt financing is not obvious. Inthis paper, in order to promote the development of the power listed companies, the author studiedrelevant theories and data, putted forward some suggestions.The thesis statement is divided into four steps. Firstly, the paper introduces the researchbackground and meaning of power listed company, and relative domestic and foreign literature.Secondly, the article discusses the related theories，including financial governance theory and debtfinancing theory.Thirdly, selected54power listed companies from2009to2013as researchsamples for empirical research. Finally, the article summarizes the problems of debt financing onpower1isted companies and puts forward reform proposals.There are three main research methods of this article, firstly combine normative analysis withempirical analysis，this paper lays solid foundation theory through normative analysis and prove thecorrectness of the hypothesis through empirical study. The second method is the combination ofqualitative analysis and quantitative analysis, under the guidance of the theory, puts forward thehypothesis, and proves it. The third method is induction，summarized the relevant theories and thedebt financing problems of power listed companies, on this basis, this paper puts forward thecountermeasures. Through the empirical analysis, the author thinks that, both of debt maturitystructure and debt sources structure of power1isted companies are weak. There are three mainreasons lead to the weakness effect of financial management on debt financing. The first is that theless regulations of bank, the bank lack effective supervisions on power listed companies. Thesecond is that the bankruptcy mechanism of the companies is not sound. As a result, theconfiguration of resources is not reasonable. The third is that the underdevelopment of the bondmarket. In order to solve this problem, the bank should intensify the reform efforts and intensify the supervision function. We need to perfect the bankruptcy procedure and strengthen the bankruptcymechanism. In order to making the diversified financing ways, we need to promote the developmentof the bond market. In order to maintain reasonable asset-liability ratio, we should optimize thefinancing structure.