Debt Financing Of The Listed Company Value Influence Research

At present, the debt financing is one of the capital structure market very important theory, and is also one of the important financial leverage of the company, the governance effect of debt financing is one of the important theories of capital structure theory. The current debt financing governance theory in our country although has certain development, but the domestic research on debt financing, there are certain differences, more important is the governance effect of debt financing can fully play its proper role. And because the market environment in China is not perfect enough, the debt financing of incomplete laws and regulations is not enough, the interests of the creditors can not get full guarantee, that has made the study of the governance effect of debt financing is quite important.From the perspective of the development of economy, the 21 st century must be closely combining macro economic and micro individual age. In this paper, combined with China’s macroeconomic policy to study the effect of debt financing of the listed company value. By easing monetary policy to tighten in the process of credit funds will decrease, while the maximum limit effect, debt financing can be observed at this time is also the most liabilities and the relationship between the value of the company. Facts have proven that the fluctuation of monetary policy, can produce different governance effect of debt financing, the influence of the tightening of monetary policy background, the governance effect of debt financing will decline, on the other hand, the loose monetary policy background, the debt financing governance effect will rise. This paper also studied deeply at the same time, under the background of tightening of monetary policy, the different nature of the corporate governance effect of debt financing. Under the background of tight monetary policy the governance effect of debt financing on the value of the company can be decreased, and the decline in the more obvious in the non-STATE-owned enterprises, in the tight monetary policy stage, our country’s financial institutions to the non-STATE enterprise credit discrimination is more serious, and the consequences of is a STATE-owned enterprise in the deflation of the value of the company is affected by monetary policy.Based on the previous theory based on the research of capital market, the introduction of the monetary policy macro background, combining macro and micro, monetary policy in order to research background, the debt financing of the listed company value influence. By taking the 2008-2013 in shenzhen and Shanghai a-share stock the sample data of listed companies, through using Liu Zhengfei definition of monetary policy, the sample data is divided into tight and loose group, by grouping samples to you for regression analysis, this articleresearch conclusion. At the same time this paper also proves the under the background of tightening of monetary policy, bank credit discrimination on non-STATE enterprises will be more significant, therefore, under the background of tightening of monetary policy, compared with the STATE-owned enterprises, the debt financing governance effect in non-STATE enterprises fell more obvious.