Research On Debt Structure, Corporate Governance And Corporate Value

The modern enterprise financing theory has already developed to become a more mature finance theory, and rises to the function of theory guiding Practice of western countries. The scholars also research from the aspects of share structure and total debt structure with financing theory, however while study debt financing, less in consideration of maturity placement priority differences of debt, according to it , this text system analyzes governance value effect of debt structure with financing theory from the eyes of corporate governance. Theory part elaborates the research and interaction relation with corporate governance of debt maturity placement priority. Based on data of A-stock listed companies of my country, evidence part analyses the value effect of corporate governance of debt maturity placement priority, at the same time, makes use of the Hausman test method to examine its endogenesis between them and firm performance, discovers debt maturity significantly and sets up simultaneous equations to resolve this problem with the 2SLS method. After resolving its endogenesis and controlling related variables , the substantial research shows that debt maturity has positive effect to the firm performance, namely the increment of the long-term debt could be advantageous to firm performance's promoting, and the firm performance effect of debt maturity which is in more growth opportunity is larger, in addition we pass sensitive analysis to further verify research's results and rationality of using comprehensive performance index .When makes use of the Hausman test method to examine endogenesis between debt placement and firm performance, it discovers insignificantly in 10% significance and uses the WLS method not 2SLS method. After controlling related variables , the substantial research shows that bond financing has positive effect to the firm performance, namely the increment of the bond financing could be advantageous to firm performance's promoting, which provides the experience proof for the function of suppressing executive strategic default; the coefficient of bank financing is negative and shows that bank doesn't supervise business enterprise for the advantage of evaluating enterprise information and not overcomes the dispersion on the market the information collecting and carries out controlling behavior of hitching a ride ;coefficient of business credit is also negative and shows that credit doesn't supervise overinvestment and asset substitute of managers ,such as(1) no guarantee before events ,(2)supervising difficult in the matter,(3)maintaining rights difficult after events. Researching on debt priority, it discovers insignificantly and uses the WLS method. the substantial research shows that impawning and mortgage financing has negative effect to the firm performance, but the coefficient of and credit financing are positive. It is opposite to theory that priority debt has positive effect to the firm performance and its effecting function doesn't exert. These findings provide experience proof for changing unbalance of debt maturity placement priority. At last, this text puts forward some suggestions to debt financing environment of our country.