Corporate Bonds Impact On The Finance Structure And The Corporate Governance Structure

The new capital structure theory and modern corporate governance theory that the integration of development, bonds financing of corporate governance plays a very important role. Based on the Yangtze River power companies issued corporate bonds of case studies and analysis on China's corporate bond issue on the corporate governance structure and financing structure of the impact. In China's capital market financing instruments comparison of a single background, analysis of the company's bond financing for the increase in modern Chinese finance market financing tool for the necessity and significance. In the analysis of the financing Yangtze Power after the first quarter of a listed company's financial indicators, drawn Yangtze Power issued bonds to improve the capital structure and improve the future financial profitability of all existing shareholders with the interests of promoting role. Quantify the financial leverage in the standards, can be drawn for the same financial targets in line with China's listed companies, issuance of corporate bonds is superior to additional equity financing. Issuance of corporate bonds for equity in the structure change, the better to avoid a major shareholder through the issuance of additional shares to dilute their shares and increase its cash flow can be controlled to avoid a major shareholder through the holding of additional occupation of the right to the interests of small shareholders. Based on the above analysis, the paper Yangtze Power shares of companies that issue bonds to finance improvements to the long-term financing structure and corporate governance structure, improve the company's future profitability. The other listed companies also make a good example. At the same time also shows that the company's bonds is to improve China's capital market financing of a good tool.