Study On The Relationship Betwee Listed Companies’ Debt Financing And Governance Effect In Xinjiang

Under the condition of modern market economy， Generalized concept of corporate governance todebt and equity as a different corporate governance structure. In view of the defects in the management ofstock， Scholars expect from the aspects of seeking new governance mechanism for the debts of theenterprise to further improve the corporate governance. Effective debt financing can not only reduceagency cost between shareholders and managers， But also to safeguard the interests of creditors， So asto improve the performance of the coporation. At present， Foreign scholars research on corporategovernance effect of debt financing has achieved fruitful results， Scholars in our country is made of theinfluence of equity financing to corporate governance a lot of research， But the study of the governanceeffect of debt financing started late and not enough in-depth， Only different debt structures ashomogeneous， Does not take into account different debt structure on corporate governance influencemake a concrete analysis and research. All of these factors in a certain extent， limits the governanceeffect of debt financing in listed companies. This paper respectively from the general structure of debt，debt maturity structure and debt sources structure three aspects different debt financing structure oncorporate governance in theory the mechanism of action， And for the debts of the xinjiang capitalstructure of listed companies in different structure to analyze the actual effect of corporate governance，Hope to optimize the capital structure of listed companies in xinjiang， improve company performance.This paper starting from the perspective of debt financing，use theoretical analysis andempirical research methods to explore the issue of corporate governance.First，This paperdefines the core concepts to define the scope of research，And then the literature werereviewed and evaluated，then made the concept of corporate governance effect of debtfinancing in order to determine the core of this research paper.Then，in this paper， for thestudy of Listed Companies in xinjiang，select annual data between2009-2012as a researchsample，select the number of debt financing，indicators of financial performance andcorporate governance structure for research，using factor analysis to construct a newcorporate governance performance composite indicator，on the interaction between debtfinancing and corporate governance empirical test.The last，this paper attempts to analyzethe causes of the empirical results，combined with debt financing status of Listed Companiesin xinjiang，give suggestion to optimize the debt financing proposed governance effects ofListed Companies， hope to provide reference and help when a listed company in Xinjiangdebt financing.