The Research Of The Listed Companies Financial Mode In China From The Perspective Of Corporate Governance

The listed companies play more and more important role in our economic lifewith the economic globalization and the constant development of our security market,so that the discussion about its financing mode and corporate governance becomegradually a vital problem. The modern firm theory shows that the choice of financingmode is quite important, it will not only influence the market value of the enterprise,but also will influence the distribution of corporate control and the corporategovernance structure. When an enterprise is in the course of opting its financing mode,on the one hand the investors will restrain and supervise moderately the operators, onthe other hand, they take measures to mobilize the enthusiasm of the operators, whichwill protect for their interests. They are both the core of corporate governance. Forthis reason, financing mode is not only the choice of different financing contract, butmore important problem is the distribution of a balance between property rightsbehind the capital which influent, depend on each other. Consequently, financingmode is the foundation of an effective corporate governance.On the basis of the complicated inter-dynamic relations between the financingmode and the corporate governance, firstly this text analyzes their relations, making akey comparison about the main foreign financing mode and governance structurebasing on the comprehensive analysis about the literature from all over the world;Secondly, the text research further the characteristic of the financing mode andcorporate governance under the actual situation of our country on account of theavailable data representative of listed companies combining with the existing theories;Then, this text study the governance structure from the equity financing and debtfinancing two angles separately, which is regarded further as the standard to theachievements of the corporate governance. And this text examines the real example tothe corporate governance achievement applying these two kinds of mode, for the sakeof the specific problems and the cause for the financing and governance existing ourlisted companies; Simultaneously it broadens the research thought and the result more authentic. Finally, this text have put forward concrete measure and recommendationsto aim at the specific problem considering the fact of our listed companies: how tosolve the situation of preference to financing through shareholder ownership and theirrational ownership structure; how to cultivate more institutional investors andprotect the interests of the medium and small shareholders and creditors; how to makegreat effort in development of the capital market and consummate the corporategovernance system and so on.