Legal Studies On The Corporate Governance And Corporate Bond Financing

As the essence of corporate law,corporate governance legal issue has been a focus of academic study of corporate law at home and abroad.And a trend of modern corporate governance is stakeholders participate in corporate governance.In the company of many stakeholders,creditors is very important subject,therefore,the role of creditors in corporate governance gradually paid more attention to.This article from the financing point of view,discusses the corporate governance.The literature review shows,evolvement and development of the corporate governance,financing structure theory,transaction cost theory,the principal-agent theory,incomplete contract theory is that debt financing can play an important role in corporate governance.The theoretical analysis shows that the debt financing can reduce agency cost,improve corporate governance;information feedback,market competition and the rational expectation is the basic mechanism of the participation of creditors in corporate governance,and the debt contract restraint,contingent governance,financial decision,price discovery and the bankruptcy mechanism are the main mechanisms.In the developed market economies,the creditors have to participate in corporate governance and play a role,this paper compares several major international creditors participation in corporate governance model,provide a useful reference for our country.According to the practice of China,debt financing and corporate performance is negatively related,reveals China's listing Corporation debt soft constraint problem.Thus,in this paper,historical evolution,and the current situation of debt finance and corporate governance problems of China's problems were analyzed,and put forward the constructive framework participation of creditors in Corporate Governance: reconstruction of the relationship between banks and enterprises and the development of corporate bond market.Focus on rebuilding relations between banks and enterprises is the banking reform and the reform of enterprises,as well as the adjustment of the relationship between banks and enterprises.The reform of corporate bonds issued by the examination and approval system,an important means to promote the interest of the bond,and promote the development of corporate bond market,is the inevitable way to improve the enterprise bonds financing the participation of creditors in corporate governance mechanism.Supervisie enterprises,improve the financial market.