The Research On Corporate Governance Effect And Influence Factors Of Debit Structure

There are two main research directions on the debit structure problem. One is the debit governance effect, and the other one is the influencing factors of debit financing. Many western scholars believe that debts are the governing approaches. The distortion of the debit structure will not only hinder the display of the corporate governance effect, but also damage the benefits of the corporate external investments. Furthermore, it is not conducive to the healthy development of capital market. Currently, the main research results of corporate governance effect of the debit structure are all based on the condition of ownership decentralization under which scholars study how to reduce management agency costs through appropriate capital and ownership structure arrangements in order to achieve corporate governance. In contrast, few scholars have studied the corporate governance effect of debt structure under the condition of the ownership concentration. To study on influence factors of the debit financing structure will help enterprises make financing decisions scientifically and achieve corporate strategic goals. At present, the research results of influence factors of the debit structure are relatively more mature. The researches of influence factors of the debt structure abroad have formed the agency cost hypothesis, the signal hypothesis and the tax hypothesis. These hypotheses mainly focus on researching the impact of internal characteristics of enterprises on the debt structure, especially the debt maturity structure. But few have considered the effects of macro factors and product market factors.The paper is divided into two parts. In the first part, the governance effects of the debit financing structure are discussed. First of all, the restriction effect of debt structure to benefit expropriation of controlling shareholders, which is the corporate governance effect of debt structure under the condition of ownership concentration, is discussed in the paper by using improved LLSV model which is improved by adding debt structure factor, and analyzed by using the related data of Chinese listed companies. In the second part, the influencing factors of the financing structure are mainly discussed. First, according to the related data of Chinese listed companies, empirical test is used to analyze the relationship between corporate debt maturity structure and economy gross index such as economic development level, inflation and money supply. The paper concludes that debt maturity of Chinese listed companies is affected significantly by macroeconomic factors in addition to enterprise scale, growth of enterprises, asset maturity and other enterprise internal characteristics. Then the paper analyzes how the enterprise cost and the market demand impact the debt arrangement structure. After that, the paper considers enterprises’ variable cost, competitors’variable cost, the market demand and other factors in the product market and uses multiple linear regression analysis to test the effects of business costs and the market demand on the corporate debt arrangement structure.