| Base on the theory of financial structure and corporate governance, the paper uses the method of qualitative and quantitative analysis and integrates with the characteristic of high-tech listed companies into the research. At first, it analyzes the financial structure and corporate governance of high-tech listed companies in China through descriptive statistics analysis. Then it analyzes the relation and influence among financial structure, corporate governance and the value of corporation of high-tech listed companies through empirical analysis. At last, the thesis provides the countermeasure and advice for advancing the value of corporation base on the conclusion of analysis.From the descriptive statistics analysis, it indicates that: compared with all the listed companies in China, the high-tech listed companies more tend to equity financing when they choose the exterior financing mode. But for a long time, liability financing is still their important source to obtain the development capital. The current liability is the main component of liability capital. And the corporate governance does not advance in-phase. The inspirit methods of high-class manager are too single and useless.From the results of empirical analysis, it reveal that: the value of high-tech listed companies in China remarkably positive correlate with the rate of liability financing, the reward rate of assets and the proportion of common stock. The value of high-tech listed companies in China conspicuous negative correlate with company scale, the concentrate degree of ownership and the proportion of corporation stock. The value of high-tech listed companies does not obviously correlate with the proportion of state-owned stock and corporate growing. As far as the corporate governance influence to the financing choice, the rate of liability financing conspicuous negative correlate with directorate scale and the share-holding rate of high-class manager. The rate of liability financing does not obviously correlate with the state of directorate and general manager and the concentrate degree of ownership. |
