Research On The Influencing Mechanism And Effect Of Corporate Governance On Financing Efficiency Based On Chinese Listed Companies

Corporate governance and financing efficiency is contemporary two important research topics in the theory of corporate finance,both of them can have an effect on the business development of the enterprise,and they can interact each other closely.The financing behavior of enterprise will lead to the change of the financing structure,may cause a reconfiguration of the enterprise control,and even cause the change of the corporate governance structure.A reasonable corporate governance structure,in turn,can alleviate agency conflict,reduce agency cost,thus inhibiting the internal people seeking self-interest and adjusting all the decisions of the enterprise business activities,make the management decisions including the financing decision more reasonable,it's about the stable and healthy development of the enterprise.As the rationalization of the corporate governance structure,corporate governance efficiency will be improved,and the disclosure of financial information will be more transparent,the interest of small and medium-sized shareholders can get better protection.All of these are necessary condition to attract more investment and the enterprise financing costs will also go down,the financing efficiency will be improved.After carding a lot of domestic and foreign literature about the corporate governance,financing structure and efficiency of financing,based on some classical theory about the agency cost,financing order and signal transmission.This paper construct the theoretical analyses about the mechanism and its effect on corporate governance influence the financing efficiency,under the background of the securities market in our country.Through the corporate governance index system to evaluate the corporate governance of the listed companies in China for nearly 10 years,and puts forward the measure of the financing efficiency of Chinese listed companies,finally construct the econometric model to obtain the empirical test result.According to the result:Corporate governance have a significant positive impact on the financing efficiency the company through the intermediate transmission mechanism of agency costs.That means the corporate governance can effectively fade out the problem of agency,reduce agency cost,and prompt the senior management to work better for the enterprise,thus promote the enterprise performance and the efficiency of financing by optimizing the ownership structure,board structure,and improving the enterprise incentive mechanism.In addition,corporate governance can also have a significant positive impact on the financing efficiency through the intermediate transmission mechanism of the quality of the accounting information.Main innovation points of this paper is to explore a new path,from the of corporate governance to analyze its impact mechanism and effect on the financing efficiency,provides a new research perspective,and the corporate governance can be concluded by factor analysis index through factor analysis.Although it have had a lot of relevant literature about the corporate governance and financing efficiency,but previous studies mainly discussed the mechanism of corporate governance structure on the impact of financing structure,or the mechanism of the financing structure on the impact of financing efficiency,very few of the literature can connect the corporate governance with the financing efficiency for analysis.This paper develop the theoretical study about the correlation of corporate governance and financing efficiency,deepen the perception of the financing efficiency,and provides a new approach to optimize the financing efficiency of listed companies in our country.