Empirical Research On Effect Of Debt Governance Of Listed Companies In China

In our theoretical circles, research on corporate governance is focusing on equity governance, and on debt governance is still in its infancy stage. Thus, the purpose of this dissertation is to explore the function of debt governance in listed companies, by referring to the theory and experience of debt governance in developed western countries. The full text is based on new enterprise's theory and financing theory, regards effect of debt governance as the visual angle of studying, and focuses theoretically and empirically on four functions of debt governance in listed companies of our country ,which are effect of Creditors rights carving up, bankruptcy threat, Leverage effect and creditor's participating in corporate governance directly. In order to find out whether the function of debt governance can work well and offers the guide to further improve the debt governance of listed companies.The dissertation begins with the investigation of the fruitful research on function of debt governance in developed countries, and summarizes up three stages: First stage is the choice theory of debt financing, second stage is the agency theory on Corporate Finance and the third stage is efficiency theory that creditor's rights control of financing in corporation. Then the topic is carrying on a review to Chinese debt governance i.e. the function on debt management, and the reason for inefficient. Then attempts to explain some important concept in our understanding of effect of Creditors rights carving up, bankruptcy threat, Leverage effect and creditor's participating in corporate governance.The most important part of the dissertation is that effect of debt governance in listed companies of our country is analyzed. After analyzing the especial current situation of debt governance in listed companies in china, empirical test is carried on to examine effect of debt governance in listed companies. The independent variable chooses, asset-liability ratio, long-term asset-liability ratio of flowing as the asset-liability ratio, and further subdivide the current liability, and establish its line type relation to company's achievement index - return on equity. Also chooses size, the rate of increase of the sales income , administration and whether supervision authorities are to hold share and the trade fictitious variable as control variables. Return to result reveals that asset-liability ratio, flow asset-liability ratio and long-term asset-liability ratio present, show relevant relations with return on net assets. And find there are no-cost debt and return on equity to present the positive correlation relation in commercial credit and capital liability, etc., and other compositions show relevantly. It is prominent to company's achievement influence whether administration and supervision authorities hold shares .The result shows that so far the function of debt governance can't work well as expected. At last, aimed at the result of the research , the article proposes suggestion to put forward to dealing with the Counterplea.Creative point of this paper: First, this text has carried on the systematic empirical research to the effect of debt governance of the listed company for the first time. Second all A-share listed companies (reject ST and PT Companies) in the stock markets of Shanghai and shenzhen are as the research object for the first time, and thesample is complete, so the conclusion is relatively convincing.