我国上市公司融资结构与公司治理效应分析

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1、equityfinancing.Thefactfailtoagreewithwesternfinancingtheory(Pecklingorder)indevelopedcountries.Thesignaltransmitefectoffinancingstructureisnotexistinourcountry.Equityfinancingisthecheapestfinancingway.Thispaperalsodrewaconclusionfromanempiricalresearchthatbothequitystructureandsenioradministrat

2、orshareholdingratioarelitleinfluenceonfinancing.Finallyanalyzetheperformanceofthelistedcompaniesinrecentyears.Thedatashow:theperformanceislessthansatisfactory.Thenanalyzedthecausesofthecurrentcapitalstructure.Thetheoryofcapitalstructurethink:financingisinfluencedbyseveralfactors:suchasfinancingc

3、ostfinancingtools,corporatecontrolandexternalenvironmentalfactors.Thekeyoftheproblemisthatinstitutionaldeficiencynotraisingfund.Thefourthpartanalyzedthereasonsthatweakenthegovernanceefectofthefinancingstructurefurtherinthepointofgovernancesystem.Thebasicreasonisthatnormalgovernancestructurehasno

4、tbeensetupinsideandgovernancefunctionislackedoutside.Thebankandthestockmarketarethemainlytwoadministratorswhocarryoutgovernancedutyoutsidetheenterprise.TheabnormalityofGovernancefractionisoriginatedfromthedualcharacterofsharethatiscausedbythedualcharacteroftheequitystructure.Thestate-runbanksare

5、farfromtherealcommercialbank.thedebtreflectsthedebt-creditrelationshipamongdiferentunitsunderthesameinterest.Therestrictionmechanismmustbesoftenedundersuchfictitiousdebt-creditagreement.Thefifthpartputforwardthepolicyrecommendationsthatimprovingthegovernanceefectofthecapitalstructure.Divideequit

6、yandcreditfinancingtwopartstodiscussthegovernanceefect.Forimprovinggovernanceefectdevelopingcapitalmarketanddeepeningthereforminbankingsystemisthemostimportant.Thispapercomewiththeconclusion:weshouldregardoptimizationofcapitalstructureasthestartingpointandperfectionthecorporategovernanceasthecor

7、e,andsetupthebenigncyclebetweencapitalstructureandcorporategovernance.Keyword:CapitalstructuregovernanceGovernanceefectR9胃我国的股份制改革和股票市场的发展是一种典型的政府推动型制度变迁。股票市场的建立和发展一开始就定位于为国有企业特别是国有大中型企业服务.这种目标定位带来了两个直接的后果:一是目前能够在上海证券交易所和深圳交