| The quality of the listed company is the foundation of healthy and sustainable development of capital market. Perfecting the capital market of our country, thus offering the important system ensuring and motive force for our national economy to keep lasting growth under the new stage, must regard improving the governing performance of the listed company of our country as the foundation and starting point. The governing performance of the listed company is influenced by company's governing structure and company's governing mechanism, and is limited by the capital structure of the company finally. At present, the listed company of our country has a great deal of defects in the capital structure, especially in the stock right structure, and there are a series of deficiencies in the company governance, too. These make governing performance of the listed company in our country be not fully up to expectations. To fully exert the function of capital market in promoting the national economic growth, it is necessary to take effective measures to set up the vigorous micro foundation of our country's capital market, namely to begin with optimizing the capital structure and company governance of the listed company, thus guarantee the listed company's governing performance being improved constantly. The thesis, on the basis of the theoretical analysis, through the investigation of the current situation to the capital structure and company governance of the listed company in our country, and with the aid of the positive analysis, draw the conclusion that the proportion of the stock right capital to the creditor right capital, and their own nature and concentration degree in the capital structure, with the proportion of company's share held by the management teams, determine the governing performance the listed company in various degree, thus offer a thread to improve the listed company's governing performance of our country. The main content of the thesis includes five following parts:Part One: It is the foreword, including the proposition of the problem, the domestic and international research situation, research approach of this thesis and the innovation to the text.Part Two: It is the theoretical analysis of the capital structure, company governance and its governing performance, we have reviewed the important document and achievement about the capital structure, company governance and their inter-reaction, this is the theoretical foundation of this thesis.Part Three: Take state-run listed company as an example, we have investigated the current situation and the main problems of the capital structure and the company governance, and have pointed out the reasons of these problems.Part Four: With the relevant data of eligible listed companies in Shanghai and Shenzhen stock market in 2003, by plural linear regression model and statistical method, we take a positive analysis about factors that influence the governing performance of the listed company in our country.Part Five: It is a conclusion part of the thesis. Based on the analysis about the listed company the above, we propose some policies and recommendations to optimize the capital structure of the listed company, to improve company's governance, thus to improve of the governing performance of the listed company. |
