The Research On The Function Of Debt Governance In Listed Companies

The topic of this research is in the purpose of exploring the function of debt governance in listed companies. In the domestic, Laying particular emphasis on the theories research result in the theories corporate governance and ownership of share governance, the results are very abundant, but very little distraction and result on debt governance. These years, although research on corporate governance has come a long way, the research on debt governance is still in its infancy stage, which is a challenge to us. Based on the agency relation between creditors and debtors, preconditioned on the agency theory, the dissertation focused theoretically and empirically on three functions of debt governance in listed companies in China, that is ,functions of inefficient investment controlling, bankruptcy threat and creditor participating in corporate governance, to find out whether the function of debt governance can work well and further improve the debt governance can work well and further improve the debt governance of listed companies.Firstly, the full text introduce us the development for the theories of western countries, and summarized up for three stages: debt is inefficient in corporation; debt is efficient in corporation and corporate governance plays a role in listed companies. Then the topic is carrying on a review to Chinese debt governance. i.e. the function on company management, and the reason for inefficient.The next topic is laying particular emphasis on the meaning of some terms and concept, and introducing the related theories, such as"act for the cost theories","signal-encourage theories","the camera -control theories"and"benefits the related manages theories together". On the basis of this, pointed that the function, inefficient investment controlling function, bankruptcy threat function and function of creditor participating in corporate governance.Secondly, theoretical and empirical study done on whether the function of debt governance can work well in listed companies in China.Thirdly, after examining the special institution background in China, analysis the reason for inefficient in our country.At last, aim at the result of the research, put forward solving a counterplea .it comes to the conclusion that the fundamental methods to change the institution are to encourage the supervision of banks to deepen the reform of listed companies to fulfill the outside institutional requirements for making sure the function of debt function. i.e. to build up creditor encourages to debt governance, and gradually permitting the bank getting in the board. Should strengthening the system of the exterior in the meantime, such as the modification of the reform strength, perfecting bankrupt law and the construction of other related integrations of the enlargement bond market.The emphasis and uniqueness of the dissertation are the following: firstly, it does research on the debt governance for perspective. Secondly, it makes empirical study and survey on the function of debt governance. Third, a systematical analysis is carried out to test the function.