Study On SMES' Corporate Governance's Impact On Capital Structure

Recently years, small and middle enterprises (SMEs) are developing rapidly and are becoming a solid foundation for the stable increase for China's economics. But the issue of financing of SMEs is a great difficulty in their developing. Due to their own character, SMEs' capital structures are not rational, limiting their developing.Corporate governance is an important part of corporate management. Different corporate governance has different impact on capital structure. This dissertation begins with the corporate governance theory, based on SMEs'characteristic, studying the impacts on capital structures. Then we deal with policy recommendations on the improvement of governance structure and optimization of SMEs'capital structures.This dissertation includes six parts.The first part is the Introductions. It begins with the introduction of the value of the subject, then points the theories and the research approaches, structure.The second part introduces the concepts of corporate governance and capital structure, and discusses the connection between the two concepts.The Third, Fourth and Fifth parts are the key points of this dissertation. The third part analyses the actuality of SMEs'corporate governance and capital structure, points out the problems and finds the reasons. The Fourth part carries on an empirical study on the influence of corporate governance on capital structure, based on the listed SMEs. The Fifth part, puts forward the policy recommendations on the improvement of governance structure and optimization of SMEs'capital structures.The sixth part is conclusion.