Corporate Governance Structure,Debt Financing And Corporate Performance

High debt rate and large financial risk are the prominent problems facing the development of China's economy.In the 2015-2018 years of the central economic work conference,the "deleveraging" has been emphasized many times.From the enterprise level,the problem of debt financing is a problem of capital structure.In fact,it is also a problem of corporate governance.Optimizing debt financing and improving corporate governance are not only important to the survival and development of enterprises,but also affect the harmony and stability of the society.Therefore,this paper tries to study the relationship between corporate governance structure,debt financing and corporate performance.Listed companies in three industries of Shanghai and Shenzhen stock exchange in China for 2007-2015 years as research samples.The research samples are divided into state owned group and non state owned group,which are divided into competitive industries,monopolistic and competitive industries,and monopolistic industries.Then we establish financial performance models and market performance models respectively,and analyze statistically how the corporate governance structure affects debt financing and how debt financing affects corporate performance.Through regression analysis of the influencing factors of debt financing,it is found that whether the chairman and general manager have concurrent roles,the proportion of shareholders attending the meeting,the age of directors,the degree of ownership concentration and the degree of checks and balances have a significant negative impact on the total debt ratio.The chairman's incentive intensity of monetary compensation,the nature of the actual controller,the circulation structure of the stock right and the research and development expenditure have a significant positive impact on the proportion of total liabilities.Through the use of all sample data,it is found that debt financing affects corporate performance regression analysis,the total debt ratio has a significant negative impact on the net interest rate,the ratio of interest to interest has a significant negative impact on the net interest rate of total assets,the proportion of bank credit has a significant negative impact on the net interest rate,the total debt ratio has a significant negative impact on Tobin's Q,the proportion of bank credit.has a significant negative impact on the value of Tobin's Q.Further group regression analysis shows that the impact of debt financing on enterprise performance is different because of the different industry and economic nature.The above research is of great significance to strengthen macro control,improve corporate governance and optimize debt financing.First,"deleveraging" helps to improve the financial performance of the enterprise;reducing the total debt and bank credit will help to improve the market performance of the enterprise.In the aspect of corporate governance structure,ways to reduce the total debt ratio of the chairman and general manager concurrently,increase the shares of shareholders attended the meeting,the proportion of older people as chairman,chairman of lower monetary incentive intensity and improve equity concentration,improve the equity balance degree etc.Second,in the Sample Firms,the corporate governance effect and financial leverage effect of liabilities have not been fully brought into play.Therefore,we should improve the corporate governance structure,optimize the corporate governance environment,and create conditions for the active role of debt.Third,no matter "deleveraging" or the improvement of corporate governance structure,we should make full difference between industries and enterprises,which is different from the nature of industries and enterprises.