Corporate Goverance Structure On Capital Structure Influencing Study

In the enterprise,corporate governance structure and capital structure are two important organization structure.The different way of corporate governance structure has different influence on their capital structure.In fact,capital structure can be viewed as a result in the macroeconomic environment,which strive for control power,residual claims and free cash flow among shareholders, managers and creditors.Therefore,it has become an inevitable trend to research capital structure standing in the perspective of corporate governance structure.In the base of predecessors,the main research methods include literature research,statistical analysis and empirical research.Combine with the theory of corporate governance and the theory of capital structure,the core part is the overall research of corporate governance structure on the effects of capital structure,from ownership structure,the board of directors and management,ect. The section of statistics has fine elaborated the status of capital structure first,and then analyzed the influence and the deep reasons of the status of capital structure in the perspective of corporate governance structure factors.The section of empirical research has collected all of the 2009 annual data of the sample,did the relevant analysis of each variable and the empirical analysis to be explained variables using the method of stepwise regression.Eventually,we get the conclusions:proportion for the country and long-term leverage is related, but the influence isn't very obvious.The goal of the legal person shareholders is self-interest maximization and not the company benefit maxmization,so the higher the proportion of legal person share,and can't improve the debt level of the company. The influence of the tradable proportion to debt level is hardly any.In view of the agency cost,the major shareholders will improve asset-liability ratio.The increase of the size of the board leads to the increase of the difficulity within the directors,when they are processing the problems,the ability of the board of directors control the management is falling. As a result, The increase of the size of the board,and can't improve the debt level of the company, the frequent meeting too.The proportion of the independent directors and debt levels are related,in the listed companies in our country independent directors play a supervisory role.The board of supervisors don't work,the board of supervisors system still need to be further perfected.Managerial stockholding level and the long-term leverage is related,appropriately increased management shareholding,can rise to motivate to the managers.Because of the two hats state between the genernal manager and the chairman is unreasonable,the results of regression is not obvious.