Research On Corporate Governance Of Capital Structure Of State-Controlled Listed Companies

State-owned enterprises are the main component of China’s economy. Topromote their reform and development is important for the establishment of a socialistmarket economy and the improvement of people’s living standards and the socialistsystem’s consolidation. In2014, Premier Li Keqiang, at the second session of theSecond Session of the National People’s Congress made the "Government WorkReport" and states: state-owned enterprises should accelerate the development ofmixed ownership, improve the modern enterprise system and corporate governancestructure. Although the long-term course of the study, scholars agree that the capitalstructure is the foundation of corporate governance structure, improve the corporategovernance structure needs to start from the capital structure. However, thedevelopment of mixed ownership economy as early as2003on the Third PlenarySession of the Sixteenth mentioned, and now revisit the old law, state-ownedenterprises can solve the problem of corporate governance efficiency is still a question.In the face of the knowledge economy, intellectual capital increasingly becomes animportant economic factor of production, how should the state-owned enterprisesarrange their capital structure requires further study. To solve the above problem, thisarticle will introduce the intellectual capital into the traditional capital and empiricallyresearch the corporate governance of capital structure. This paper aims to provideuseful guidance to optimize the capital structure theory，and to provide new ideas forthe state-controlled listed companies mixed ownership reforms. Therefore, this articleintroduced the concept of intellectual capital to optimize the capital structure theory,and chooses state-controlled listed company as the research object, analyzes the effectof its capital structure of corporate governance is of great significance.In this paper, the arrangement of contents is divided into four parts:The first part introduces the research background and significance, research ideasand methods, and innovation, and reviews the relevant research literature on the traditional capital structure of corporate governance effects and shows its summaryand evaluation.The second part, using standardized methods, through explaining the basictheory of modern contract theory and stakeholder theory, introduce the intellectualcapital into the traditional capital and on this basis to redefine capital structureconnotation. Then divide the equity structure, debt structure, intellectual capitalstructure to elaborate the corporate governance effect of capital structure, providingtheoretical basis for empirical research.The third part chooses the central holding companies from A stock market assample, then selects metrics of capital structure and corporate governance effects andexplains detailed the necessity and feasibility of EVA. Based the theory of corporategovernance of capital structure and specific economic environment and samplecharacteristics, this part uses SPSS to empirically research the corporate governanceof capital structure.The forth part, based on the specific economic environment and the results of ourempirical analysis, puts forward countermeasures to optimize the capital structure ofthe state-owned listed companies to improve the level of corporate governance effectsfrom macro, meso, and micro.In this paper, innovation is reflected in three aspects: through explaining thebasic theory of modern contract theory and stakeholder theory, introduces intellectualcapital into the traditional capital and redefine capital structure connotation; selectsEVA as a measure of corporate governance effects; based on the specific economicenvironment and the results of our empirical analysis, puts forward countermeasuresto optimize the capital structure of the state-owned listed companies to improve thelevel of corporate governance effects from macro, meso, and micro.