Our Country To Be Listed Is In Debt The Financing Company To Govern The Effect The Research

Enterprise financing is a modern finance theory core tectonic plate, but debt financing is also an enterprise exterior financing important way, is manifesting its superiority feeling by the special tax shield effect as well as various angles'government effect.But present, our country has actually formed the stockholder's rights financing theory generally by chance, causes the counter financing superior foreword practice to reappear repeatedly, State-owned shares alone big, because the general meeting of shareholders the property right main body's vacancy exists in name only, the interior keeps in balance the mechanism to become a mere formality. Obviously, our country stock financing voting right has not displayed the government mechanism which it consummates, thus affects in the company manages in the achievements. But at the same time, Bond market stride development, in 2008 the enterprise bond's emission amount's rate of increment is bigger than the stock to plan the capital amount rate of increment by far, based on like this research background, the debt financing government effect cannot help but is then proposed the program.This article reviewed the overseas classics capital structure theory, especially based on asymmetrical information under new capital structure theory, in the proxy cost theory, the signal transmission theory, the calligraphy stroke food order theory and in the domination theory's foundation refines the debt financing function to govern the mechanism in the company to the enterprise value maximization contribution, combs system's debt financing government theory, is clear about the debt financing theoretically positive government effect. Subsequently crosswise and the developed country compared and promulgates our country low property ratio of debt to net worth by the actual representation's form and not the balanced debt internal structure and the debt financing government effect influencing factor, thus possibly attenuates for our country To be listed debt financing government effect lays down the foreshadowing.More believes the confirmation is selects the card 180 data is a sample, carries on our country debt financing and the company governs the efficiency the empirical analysis, return result which obtains through the observation data, our country debt financing, regardless of obtains from the storage quantity to analyze from the deadline structure, with has formed not the remarkable inverse correlation relations on behalf of the enterprise comprehensive program of public order achievements target, explained that our country To be listed cannot through various aspects effect which offers loans moderately enhance the enterprise achievements and the government level, forms the striking contrast with the external debt financing government's positive effect, reappeared our country To be listed to govern attenuated the fact. In view of this, we have retried a case the origin which under the concrete monetary system national condition our country To be listed debt financing government attenuates, proposed the following related policy, expected achieves through some suggestions consummates our country To be listed debt financing government gradually the goal.