Based On The Financing Structure Of Listed Companies' Governance Study

According to the research of modern corporate theory, financing structure is the foundation of corporate governance. In the financing process of a corporation, along with the transfer of funds, rights and obligations will change and every interest-related party will definitely bound the relations among rights, responsibilities and benefits related to the use, earning, distribution and management of the funds. In this process, in order to protect their own benefits, on the one hand, the investors will take measures to raise the enthusiasm of the managers. On the other hand, they have to necessarily supervise and restrict the managers. However, this is rightly the core of corporate governance structure. Therefore, it's fair to say that financing structure has a decisive effect on corporate governance and a reasonable financing structure is the foundation of effective corporate governance. Optimizing the financing structure is the key to improving corporate governance.At present, listed companies in our country have a lot of problems with the governance structure. For example, the main stockholders impropriate assets of the company, insider control problem bothers many companies, and the external governance mechanism weakens. This kind of situation greatly impairs the benefits of investors, results in the low efficiency of the corporate governance, and confines the increase in the corporate value. In addition, it harms the healthy development of the capital market and ties up the onward steps of the socialistic market economy. This paper researches on the problems in the governance structure of listed company in our country and puts forward some suggestions about how to raise the governance efficiency of the listed company from the view of financing structure. Specifically speaking, firstly, this paper theoretically analyzes the internal relationship between financing structure and corporate governance, and respectively discusses the corporate governance effect of equity financing and debt financing. Secondly, the paper studies the present characteristic and disadvantages of equity structure and debt structure of the listed company in our country, and points out the problems in the governancestructure of these companies that result from them. Finally, based on the above analysis, this paper carries out a series of suggestions about how to optimize financing structure and improve corporate governance----for the equity governance, we should continue to push the stock right separation reform; for the debt governance, we should improve the debt financing structure through strengthening the constraint mechanism of debt of listed companies.To sum up, this paper comparatively comprehensively researches on the governance problems of listed companies in our country, and aims to carry forward some suggestions that help to solve these problems.